tag:blogger.com,1999:blog-69794097892873245842024-03-18T20:24:08.009-07:00INSURANCEThis blog is all about the world of insurance as relating to claims, insurance products, etc....if you have any issue relating to insurance, contact me on john.ideboghie@gmail.comJay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.comBlogger23125tag:blogger.com,1999:blog-6979409789287324584.post-80257327658439117792023-11-27T22:00:00.000-08:002023-11-27T22:00:33.172-08:00Exploring healthcare alternatives for Nigerians amidst the escalating cost of living<div style="text-align: justify;"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFAZ3kp_3CUHj21qlC56Dgh0oWN5HWyPtI474fjd8iid2UHljQ5o589CguDcCG5yPZhGhdo-ELieW_tfi7xcomzz7qRi3PBodAIN-xmSUJAhTBBn7CvDPBedrezS0NFFCh5Dvn1FitZSv7wqaKG88MVlNBZge-gCf_5tnt9Ttu1qcUp9XCpxm9LABBgxc/s617/HMO.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="345" data-original-width="617" height="358" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFAZ3kp_3CUHj21qlC56Dgh0oWN5HWyPtI474fjd8iid2UHljQ5o589CguDcCG5yPZhGhdo-ELieW_tfi7xcomzz7qRi3PBodAIN-xmSUJAhTBBn7CvDPBedrezS0NFFCh5Dvn1FitZSv7wqaKG88MVlNBZge-gCf_5tnt9Ttu1qcUp9XCpxm9LABBgxc/w640-h358/HMO.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><i><span style="font-size: x-small;">Image: The Nations Newspaper</span></i></td></tr></tbody></table><br /><span style="font-family: Bookman Old Style; font-size: medium;"><div><br /></div><div>Health Management Organisations (HMOs) in Nigeria are offering a diverse array of products to cater to the healthcare needs of individuals, households, and businesses. These offerings not only provide quality healthcare but also aim to alleviate the financial burden associated with unexpected medical expenses.</div><div><br /></div><div>Against the backdrop of rising living costs, HMOs have introduced individual and family bundles, allowing access to healthcare without incurring out-of-pocket expenses. Harrison Okafor, Head of Medical Services at MetroHealth HMO, emphasized the critical need for Nigerians to embrace health insurance, particularly in the face of soaring medical care expenses. He highlighted the advantages of HMOs leveraging bulk purchases to negotiate better rates for medications and the availability of flexible payment plans to make healthcare accessible even during challenging times.</div><div><br /></div><div>MetroHealth HMO offers various retail plans, including the Metro Flexi plan, which allows monthly payments, catering to diverse purchasing powers. Gideon Anumba, Head of Operations at Leadway Health Ltd, emphasized their commitment to using technology to enhance efficiency, preventive healthcare initiatives, and wellness activities to keep premiums affordable.</div><div><br /></div><div>Abdul-Rasheed Akolade, Assistant Director of Underwriting and Marketing at Africa Re, highlighted the significance of health insurance covering named illnesses, injuries, or conditions, providing financial support for treatments that could otherwise lead to financial ruin. Critical illness insurance, covering diseases like heart attack, stroke, and cancer, was underscored as a tool for preserving and building wealth.</div><div><br /></div><div>Various HMOs, including Avon HMO and AXA Mansard Health, have tailored retail plans for individuals, families, and small groups, ensuring prompt access to quality healthcare services. AXA Mansard Health CEO Tope Adeniyi emphasized the affordability and technology-driven convenience of their health products, ranging from primary healthcare plans to critical illness coverage.</div><div><br /></div><div>While Nigeria lacks a national health insurance program, private sector offerings are highly competitive. Coronation Insurance analysts emphasized the flexibility of premium payment options, making insurance accessible to a wide demographic. They advised purchasing health insurance early in life and understanding the possibility of holding multiple health covers with proper disclosure.</div><div><br /></div><div>In addition to financial protection, the analysts highlighted the positive impact of health insurance on lifestyle choices and health outcomes. In some countries, insurance providers incentivize healthy practices, contributing to overall population health and reducing insurance costs.</div><div><br /></div><div>As the landscape of health insurance continues to evolve in Nigeria, the emphasis is on accessibility, affordability, and the promotion of proactive healthcare choices for a healthier and more secure population.</div><br />Source: businessday.ng<br /><br />#Health Insurance<br />#HMO<br />#</span><span style="font-family: "Bookman Old Style"; font-size: large;">AXA Mansard Health<br />#Coronation Insurance<br />#AVON HMO</span></div>Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com0tag:blogger.com,1999:blog-6979409789287324584.post-46804952855943647722023-11-27T15:16:00.000-08:002023-11-27T15:16:49.969-08:00Heirs Insurance Group Launches Innovative Loyalty Program To Woo Nigerians<div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;"><div></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvbEnGVdg0LCxbzgi0MlpMJpAUNVuXnir5yAh8qU4L22Gy850egt3fed6fj8PMASoZQMwYpFkgd5KfTCei7A9-GX6pjDvPy3GE8wEBq7b9u7ySMranDUJOQxl5l6CBgLbX_B-jSuq7AcwmxexFYWYwBKY2atZ394ugmUtO8kGGFs-C0hzPJ0ogeVlVXxo/s4080/Heirs.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="2496" data-original-width="4080" height="392" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvbEnGVdg0LCxbzgi0MlpMJpAUNVuXnir5yAh8qU4L22Gy850egt3fed6fj8PMASoZQMwYpFkgd5KfTCei7A9-GX6pjDvPy3GE8wEBq7b9u7ySMranDUJOQxl5l6CBgLbX_B-jSuq7AcwmxexFYWYwBKY2atZ394ugmUtO8kGGFs-C0hzPJ0ogeVlVXxo/w640-h392/Heirs.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><i><span style="font-size: x-small;">Image: X</span></i></td></tr></tbody></table><br /><div><br />Heirs Insurance Group, an underwriting firm, has introduced its inaugural loyalty program in the Nigerian insurance market, aiming to provide customers with additional perks beyond traditional insurance coverage. This innovative program offers substantial discounts at a diverse range of retail partners across the country.</div><div><br /></div><div>Customers enrolled in the Heirs Insurance Rewards program stand to receive up to 50% off the cost of purchases or services at various partner locations simply by presenting their loyalty card. The program aims to integrate insurance into customers' daily lives, emphasizing a broader, more rewarding experience.</div><div><br /></div><div>Among the current partners participating in the Heirs Insurance Rewards program are notable establishments such as Transcorp Hilton Hotels, I-fitness Gyms, 3AL Automobile Garage, Oriki Spa, Roving Heights Bookstore, and Figo Digital Business Cards, among others.</div><div><br /></div><div>Ifeasinachi Okpagu, Chief Marketing Officer at Heirs Insurance Group, shared insights into the motivation behind the loyalty program, stating, "Insurance should be incorporated into our daily lifestyle. That is the premise for Heirs Insurance Rewards – a robust loyalty scheme that goes beyond protecting the assets and lives of our customers, to rewarding them for their patronage."</div><div><br /></div><div>He expressed gratitude to the program's partners for their collaboration in bringing this vision to life, highlighting the belief that insurance should offer instant benefits beyond its traditional scope.</div><div><br /></div><div>This loyalty initiative represents a significant step towards reshaping the perception of insurance, making it more integrated and rewarding for consumers in Nigeria.</div></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;">Source: guardian.ng<br /><br />#3AL Automobile Garage<br /></span><span style="font-family: Bookman Old Style; font-size: medium;">#Heirs Insurance Group<br /></span><span style="font-family: Bookman Old Style; font-size: medium;">#I-fitness Gyms<br /></span><span style="font-family: Bookman Old Style; font-size: medium;">#Ifesinachi Okpagu<br /></span><span style="font-family: Bookman Old Style; font-size: medium;">#Oriki Spa<br /></span><span style="font-family: Bookman Old Style; font-size: medium;">#Roving Heights Bookstore</span></div>Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com0tag:blogger.com,1999:blog-6979409789287324584.post-29196688735921891252023-11-27T15:08:00.000-08:002023-11-27T15:08:19.508-08:00Stakeholders express concern over Nigeria's low adoption of insurance<div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6tc5VjBDtfFGTXjxARlrMMWcRyLETFaP-3gLCjCQGx51B3B7YnZ7nEgdzo1Z0q6F34q9v-kInoj_kSyNECq7HOVK6ODoaGbaUOyEHWswR9p5_rLtAKtKtq9KEBy3AnSqonk9w996fUYIeeuQhJ4_GLGevhuiRRF64E9sWLA8bjURaE9rKiR2p0uhh5gs/s400/ARIAN.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="400" data-original-width="400" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6tc5VjBDtfFGTXjxARlrMMWcRyLETFaP-3gLCjCQGx51B3B7YnZ7nEgdzo1Z0q6F34q9v-kInoj_kSyNECq7HOVK6ODoaGbaUOyEHWswR9p5_rLtAKtKtq9KEBy3AnSqonk9w996fUYIeeuQhJ4_GLGevhuiRRF64E9sWLA8bjURaE9rKiR2p0uhh5gs/w640-h640/ARIAN.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><i><span style="font-family: times; font-size: x-small;">Image: ARIAN</span></i></td></tr></tbody></table><br /><div><br /></div><div>The slow uptake of insurance policies among Nigerians remains a significant obstacle to the anticipated growth of the sector and the overall economy, according to industry stakeholders.</div><div><br /></div><div>Kazeem Olakunle Odewunmi, the National President of the Association of Registered Insurance Agents of Nigeria (ARIAN), highlighted the current challenge, noting that there are fewer than two million policyholders in a country with a population exceeding 200 million. He emphasized that Nigeria ranks 64th globally in terms of insurance policy adoption, lagging behind countries such as South Africa and Egypt. Odewunmi urged industry members to embrace personalized services as a strategy to boost policy sales and attract more prospects.</div><div><br /></div><div>Chuks Udo Okonta, the President of IPEN, underscored the need for collective efforts to achieve service excellence in the sector. He acknowledged various reasons for low insurance penetration, including the peculiar market environment, limited public awareness, and negative perceptions. Okonta argued that inadequate service delivery is a major contributor to the low acceptance of insurance and urged stakeholders to focus on improving service quality.</div><div><br /></div><div>Despite the industry's projection to reach a N1 trillion premium income target in the 2023 financial year, Okonta emphasized that the achievements are long overdue. He also pointed out the need for quality service delivery in the pension sector for the success and sustainability of the Contributory Pension Scheme (CPS).</div><div><br /></div><div>Mrs. Susie Onwuka, Head of the Lagos Office at the Federal Competition & Consumer Protection Commission (FCCPC), identified customer satisfaction and enlightenment as crucial aspects that need improvement. She called for transparency in policy clauses and highlighted challenges, including bureaucracy in accessing claims and a poor understanding of policy terms.</div><div><br /></div><div>The keynote speaker, Takor Ivor, Director of the Centre for Pension Rights Advocacy (CPRA), urged leaders in both the insurance and pension industries to reconsider and transform their service delivery models. Ivor emphasized the importance of building an inclusive culture for service delivery, stating that a deliberate effort is needed to exploit market opportunities strategically.</div><div><br /></div><div>In conclusion, the consensus among industry experts is that addressing challenges such as inadequate service delivery, poor public awareness, and transparency issues is essential to drive the growth of the insurance sector in Nigeria.</div></span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;"></span><span style="font-family: Bookman Old Style; font-size: medium;"><br />Source: guardian.ng<br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br />#Kazeem Olakunle Odewunmi<br /></span><span style="font-family: Bookman Old Style; font-size: medium;">#low insurance adoption<br /></span><span style="font-family: Bookman Old Style; font-size: medium;">#Nigeria</span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span></div>Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com0tag:blogger.com,1999:blog-6979409789287324584.post-41902031604307449262022-12-27T08:48:00.004-08:002022-12-27T08:48:52.855-08:00NAICOM Raises Third-party Vehicle Insurance by 200%<div style="text-align: justify;"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjillLwv5Gfi8X2DQiCwLXXppi4wplhassme0n_9L-hfv9iWN2GMUESlDleAX-ZdE8yGDkGt9VMjSyjWn1QVLLmEkEVNe-72zasnumRgO8g6Bw8-1gh0XP2MpRwmDHdksdge4-YRXvtHo0qFU5NyrczDaRR0wfMuoRhJQ0QcsQQcH-cup-UWc1mZccE/s700/naicom.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="442" data-original-width="700" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjillLwv5Gfi8X2DQiCwLXXppi4wplhassme0n_9L-hfv9iWN2GMUESlDleAX-ZdE8yGDkGt9VMjSyjWn1QVLLmEkEVNe-72zasnumRgO8g6Bw8-1gh0XP2MpRwmDHdksdge4-YRXvtHo0qFU5NyrczDaRR0wfMuoRhJQ0QcsQQcH-cup-UWc1mZccE/w640-h404/naicom.png" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><i><span style="font-size: x-small;">Image: Arise News</span></i></td></tr></tbody></table></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;"><br /><br /></span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;">The federal government has announced a major increase in premium rates payable on the compulsory vehicle third-party insurance by motorists in Nigeria.<br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;">Under these new rates that take effect from January 1, 2023, owners of private vehicles will pay N15,000 for Motor Vehicle Third-party Insurance against the current N5,000.</span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;">Insurance sector regulator, the National Insurance Commission (NAICOM), announced the new rates in a circular issued to all insurance firms in the country at the weekend.</span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;">The new premium rates represent a 200 per cent increase in the compulsory motor vehicle third-party insurance.<br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;">Both the commission and insurance chief executives in the country mulled the premium rate increase last year and set up a committee to look into it.<br /></span><span style="font-family: Bookman Old Style; font-size: medium;">The commission yesterday announced the approval of the new rates and sent the directive to all insurance chief executives in the country for compliance.<br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;">The approval, which was contained in a circular titled: ‘New Premium Rate for Motor Insurance,’ was signed by the Director of Policy and Regulation, NAICOM, Leo Akah, for the Commissioner for Insurance.</span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;">The circular partly read: “Under the exercise of its function of approving rates of insurance premium under Section 7 of NAICOM Act 1997 and other extant laws, the commission hereby issues this circular on the new motor insurance premium rates effective from January 1, 2023.”<br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;">It warned that failure to comply with the circular shall attract appropriate regulatory sanctions.</span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;">According to NAICOM, private vehicles carrying their goods will pay N20,000 premium, staff buses will also pay N20,000 premium, trucks and general cartage will pay N100,000, a special type of carriage vehicle also will pay N20,000, while tricycles commonly called Keke Napep will pay N5,000 and motorcycle popularly called Okada will pay N3,000.</span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;">NAICOM said claims on Third-party Property Damage (TPPD) limit for the private motor is now N3 million instead of N1million, while claims of N5 million is the limit for own goods, with a premium of N20,000; staff bus which attracts N20,000 premium is entitled to claims payment of N3 million.</span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;">For commercial vehicles, trucks/general cartage, the commission said the TPPD claims limit is now N5 million, on the N100,000 premium paid while on special types, the TPPD limit is N3 million, on payment of N20,000 premium.<br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;">For tricycles, NAICOM said the TPPD limit is N2 million, on payment of N5,000 premium and for motorcycles, the TPPD limit is N1 million on payment of premium of N3,000.</span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;">It added that the comprehensive motor insurance policy premium rate shall not be less than five per cent of the sum insured after all rebates or discounts.<br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;">The Motor Vehicles (Third Party) Insurance Act 1950, mandates motor vehicle owners plying Nigerian roads to hold a motor vehicle insurance policy.<br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;">In a third-party insurance policy, the policyholder purchases a policy for protection against the claims of another.</span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;">These claims are in respect of death and bodily injuries to the third party and third party properties, arising from the use of the vehicle, of which the insured has legal liabilities.</span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;">Section 68 of the Insurance Act, 2003 provides: (1) “No person shall use or cause or permit any other person to use a motor vehicle on a road unless a liability which he may thereby incur in respect of damage to the property of third parties is insured with an insurer registered under this Act.”<br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;">A similar provision is found in the Motor Vehicles (Third Party) Insurance Act.</span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;">Section 3 (1) states: “Subject to the provisions of this Act no person shall use, or cause or permit any other person to use a motor vehicle unless there is in force about the user of that motor vehicle by such person or such other person as the case may be such a policy of insurance or such a security in respect of third party risks as complies with the provisions of this Act.”</span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlc65Ee-DWwrb9v5vJvbv9Ly_ex8hP2kPP9ROfHWP562AX8ra_TidJXFaBAaXti9amQWIBwmiE_1v2FFJqZjaAR76zmKtF7aayaQcunQmTQXap_727OxHeh4KT05UAv4AqMqOm4A3bJLZ95oSFeEtIacvlL91yuqhmBudf79Kl25BNTHA67pgkQUer/s881/NAICOM%20New%20Rates.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="881" data-original-width="600" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlc65Ee-DWwrb9v5vJvbv9Ly_ex8hP2kPP9ROfHWP562AX8ra_TidJXFaBAaXti9amQWIBwmiE_1v2FFJqZjaAR76zmKtF7aayaQcunQmTQXap_727OxHeh4KT05UAv4AqMqOm4A3bJLZ95oSFeEtIacvlL91yuqhmBudf79Kl25BNTHA67pgkQUer/w436-h640/NAICOM%20New%20Rates.jpg" width="436" /></a></div></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;">Source: thisdaylive.com</span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;">#NAICOM</span></div><div style="text-align: justify;"><span style="font-family: Bookman Old Style; font-size: medium;">#Motor Insurance</span></div>Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com0tag:blogger.com,1999:blog-6979409789287324584.post-87193596877689575492021-10-22T02:48:00.002-07:002021-10-22T06:49:21.302-07:00Third Party Plus: A Better Cover For Your Precious Cars<p><span style="font-family: Bookman Old Style;"></span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfTyx2FmybCxj2e0HJWSGCgBxyI3npJeMMXjUUWhyphenhyphenB_08Oozkz-lQG9PpVxkyXPrETvXeOXhpuMWlSKz3dxtpBREDKmASTKe92FWo1AD2DjjYYWpgheeoTvLSqEoC_YdV9aSU6UNofxY4/s1200/Mustang-Crash_1.jpg" style="margin-left: auto; margin-right: auto;"><img alt="Mustang Crash" border="0" data-original-height="752" data-original-width="1200" height="402" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfTyx2FmybCxj2e0HJWSGCgBxyI3npJeMMXjUUWhyphenhyphenB_08Oozkz-lQG9PpVxkyXPrETvXeOXhpuMWlSKz3dxtpBREDKmASTKe92FWo1AD2DjjYYWpgheeoTvLSqEoC_YdV9aSU6UNofxY4/w640-h402/Mustang-Crash_1.jpg" title="Via Carscoops" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: right;"><span style="font-size: x-small;">Via Carscoops</span></td></tr></tbody></table><span style="font-family: Bookman Old Style;"><br /><span style="font-size: medium;">Legally the <a href="https://www.valuepenguin.com/minimum-car-insurance-required-your-state" target="_blank">minimum insurance cover</a> that every individual is expected to have on his or her vehicle is Third Party Motor Insurance. This covers your car against liability to third parties to the tune of N1million property damage. It also has unlimited Death or Injury benefits to Third Parties.</span></span><p></p><p><span style="font-size: medium;"><span style="font-family: Bookman Old Style;">However, the disadvantage of <a href="https://johnny2008-insurance.blogspot.com/2017/12/third-party-motor-insurance-in-nigeria.html" target="_blank">Third Party Motor Insurance</a> is that it offers protection to others (third parties) only. As a result of this </span><span style="font-family: "Bookman Old Style";">to purchase a Comprehensive Motor Insurance Cover is preferable. A Comprehensive policy covers both your vehicle and that of any Third Party for loss or damage or any liability whatsoever. The only challenge people have with the Comprehensive cover is its cost. It usually is 10% or 5% of the value of the vehicle.</span></span></p><p><span style="font-size: medium;"><span style="font-family: "Bookman Old Style";">Now, what happens if you do not have enough money to buy the Comprehensive cover? How can you get more than minimum Insurance coverage on your vehicle without smashing your budget? The answer to these questions is <b><a href="https://punchng.com/linkage-increases-benefits-of-third-party-motor-insurance/" target="_blank">Third Party Plus</a></b>. </span><span style="font-family: "Bookman Old Style";">Because some people would like to buy cheap yet optimum cover, Insurance product designers came up with Third Party Plus.</span></span></p><h2 style="text-align: left;"><span style="font-family: Bookman Old Style; font-size: medium;">What Is Third-Party Plus?</span></h2><p><span style="font-family: Bookman Old Style; font-size: medium;"><a href="https://www.linkageassurance.com/service/third-party-plus/" target="_blank">Third-Party Plus</a> or <a href="https://www.leadway.com/third-party-auto-base/" target="_blank">Third Party Auto Base</a> refers to the same type of cover. It is an Insurance product put together by some insurers to cater to customers who want to enjoy the cover of Comprehensive Motor Insurance but do not have the money to. Hence, the cover covers Third Party Damage, death, and own damage.</span></p><p><span style="font-family: Bookman Old Style; font-size: medium;">It is not as elaborate as the Comprehensive but it is better than regular a Third Party motor cover. This policy offers the same benefit as the Third Party but with a plus. The plus is that it covers the owner's vehicle against accident to a limit. It is important to get the minimum coverage but it is much better to have a little more than the minimum.</span></p><p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFojiNVFhQDmiMZDldXuAflsTzBGy6J5dMxCmklp9U0xsjHY3rHXdtuWV3U7UGhwiCQq7ne60S468jNUzxww5AepI8TVJErBsr3bxMwkycCzPuj_94hAKlpaERqKrAyl-xbB0iWoMO-vE/s800/JCey.gif" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="450" data-original-width="800" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFojiNVFhQDmiMZDldXuAflsTzBGy6J5dMxCmklp9U0xsjHY3rHXdtuWV3U7UGhwiCQq7ne60S468jNUzxww5AepI8TVJErBsr3bxMwkycCzPuj_94hAKlpaERqKrAyl-xbB0iWoMO-vE/w640-h360/JCey.gif" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: right;"><span style="font-size: x-small;"><i>Via Gifer.com</i></span></td></tr></tbody></table><p></p><h3 style="text-align: left;"><span style="font-family: "Bookman Old Style";">What Does It Cover?</span></h3><p><span style="font-family: Bookman Old Style; font-size: medium;">Compared to Third Party Motor Insurance, this policy offers an elaborate cover. It has all the cover of regular <a href="https://johnny2008-insurance.blogspot.com/2017/12/third-party-motor-insurance-in-nigeria.html" target="_blank">Third Party Motor insurance</a> and in addition to that, which is only cover provided for others, it has cover for your own vehicle to a limit. </span></p><p><span style="font-family: Bookman Old Style; font-size: medium;"><b>Benefits</b></span></p><div><ul style="text-align: left;"><li><span style="font-family: Bookman Old Style; font-size: medium;">Third-Party Liability for Death or Injury - Unlimited</span></li><li><span style="font-family: Bookman Old Style; font-size: medium;">Third-Party Property Damage - N1million</span></li><li><span style="font-size: medium;"><span style="font-family: "Bookman Old Style";">Own Damage Cover</span><span style="font-family: "Bookman Old Style";"> </span><span style="font-family: "Bookman Old Style";">- N250,000.00</span></span></li></ul></div><h3 style="text-align: left;"><span style="font-family: "Bookman Old Style";"><br /></span></h3><h3 style="text-align: left;"><span style="font-family: "Bookman Old Style";">What Does It Not Cover?</span></h3><div><span style="font-family: Bookman Old Style; font-size: medium;">The Third-Party Plus or Auto Base is not an elaborate cover compared to Comprehensive. Here is a list of what the policy does not cover:</span></div><div><ul style="text-align: left;"><li><span style="font-family: Bookman Old Style; font-size: medium;">It does not cover theft of the insured vehicle</span></li><li><span style="font-family: Bookman Old Style; font-size: medium;">It does not cover above ₦250,000 of the limit of own damage</span></li><li><span style="font-family: Bookman Old Style; font-size: medium;">It does not cover wear and tear</span></li></ul></div><h3 style="text-align: left;"><span style="font-family: Bookman Old Style;"><br /></span></h3><h3 style="text-align: left;"><span style="font-family: Bookman Old Style;">What Is Its Cost?</span></h3><div><span style="font-family: Bookman Old Style; font-size: medium;">Third-Party plus is a budget-friendly insurance cover that costs ₦10,000 only.</span></div><h3 style="text-align: left;"><span style="font-family: Bookman Old Style;"><br /></span></h3><h3 style="text-align: left;"><span style="font-family: Bookman Old Style;">Can I Make A Claim Under The Cover?</span></h3><div><span style="font-family: Bookman Old Style; font-size: medium;">Yes, you can. Provided your claim is genuine, you can surely make a claim. Follow the <a href="https://johnny2008-insurance.blogspot.com/2016/01/how-to-make-third-party-car-insurance.html" target="_blank">Insurance Claim process to report your claim</a>. There was a client of mine that I convince to buy the cover instead of a Third Party. She agreed. She has the policy running for three years straight. Within those claims, there was no claim. </span></div><div><span style="font-family: Bookman Old Style;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRp1lqREAWi45y-THsAZQulCs_vg4D3JqpvwvT2X7kdF934Bt9rmS3xZe6XEZydGqOQ2rLkun9DQM-e9dNVDQVd352hi2Qhyphenhyphen849GOMg85SI-zpIAqYn_22ET8qTXHR7fq5g5iQB2MOdPc/s789/2021-10-22+09_51_42-Window.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="517" data-original-width="789" height="421" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRp1lqREAWi45y-THsAZQulCs_vg4D3JqpvwvT2X7kdF934Bt9rmS3xZe6XEZydGqOQ2rLkun9DQM-e9dNVDQVd352hi2Qhyphenhyphen849GOMg85SI-zpIAqYn_22ET8qTXHR7fq5g5iQB2MOdPc/w640-h421/2021-10-22+09_51_42-Window.jpg" width="640" /></a></div><span style="font-size: x-small;"><div style="text-align: right;"><i>Discharge Voucher: Name and Other details removed for confidentiality reasons.</i></div></span><span style="font-family: Bookman Old Style;"><div style="text-align: right;"><br /></div></span></div><div><span style="font-size: medium;"><span style="font-family: Bookman Old Style;">However, in the fourth year, her son damage her car and had to come for a claim. </span><span style="font-family: "Bookman Old Style";">It was an experience she was glad at the end because the claim was paid. She was paid ₦</span><span style="font-family: "Bookman Old Style";">163,800.00 which was below the limit. That was one happy customer.</span></span></div><div><span style="font-family: "Bookman Old Style";"><br /></span></div><h3 style="text-align: left;"><span style="font-family: Bookman Old Style;">How Can I Get A Third Party Cover For My Precious Car?</span></h3><div><span style="font-size: medium;"><span style="font-family: Bookman Old Style;">Getting a cover for your precious car is simple. You can visit the insurer's site to give them your details. </span><span style="font-family: "Bookman Old Style";">Better still, you can send us a mail at <b><i>writer4lifenaija@outlook.com</i></b> so that we can stand as your </span><a href="https://solacenigeria.com.ng/" style="font-family: "Bookman Old Style";" target="_blank">broker</a><span style="font-family: "Bookman Old Style";">.</span></span></div>Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com0tag:blogger.com,1999:blog-6979409789287324584.post-78342068495540235372021-06-01T07:13:00.002-07:002021-10-11T14:44:46.528-07:00<p></p><div style="text-align: center;"><span style="font-size: xx-large;"><b><span style="color: #cc0000;"> Hi, </span></b></span></div><span style="color: #cc0000; font-size: x-large;"><b><div style="text-align: center;"><br /></div><div style="text-align: center;">Watch out for new contents on this page shortly!</div><div style="text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRArehv2J-4jjtnb1q-Zj-heo3iYf7Q6gsMWDhgEAH4QBbv0ZnRam8lWlNNjaOKqfCpI1p3R4TLqvl53T8B9WEXUyyqKFeiffMNo2vZOY1QpJD1ZOFYspaQc6yF2uM5NWYkdeQqMoN14k/s626/coming-soon-with-megaphone-design_1017-26689.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="626" data-original-width="626" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRArehv2J-4jjtnb1q-Zj-heo3iYf7Q6gsMWDhgEAH4QBbv0ZnRam8lWlNNjaOKqfCpI1p3R4TLqvl53T8B9WEXUyyqKFeiffMNo2vZOY1QpJD1ZOFYspaQc6yF2uM5NWYkdeQqMoN14k/s320/coming-soon-with-megaphone-design_1017-26689.jpg" /></a></div><br /><div style="text-align: center;"><br /></div></b></span><p></p>Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com0tag:blogger.com,1999:blog-6979409789287324584.post-20813923963749472012018-08-06T03:28:00.008-07:002021-10-12T07:20:53.493-07:003 Things Insurance Can Do For Your Business<div dir="ltr" style="text-align: left;" trbidi="on">
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<i><span style="border: 1pt none; font-family: "georgia" , serif; font-size: 12pt; padding: 0cm;">Insurance
and Business go together. Business is surrounded by risks and Insurance
addresses the risks surrounding businesses. People view Insurance as an expense
rather than a risk transfer mechanism. While the benefits of insurance to
business are so glaring, many are still indifferent about it. This post exists to
end what seems to be the bias in people’s minds and elucidate to them the
benefits of insurance. The benefits of insurance to your business are many.</span></i><span style="font-family: "times new roman" , serif; font-size: 12pt;"><o:p></o:p></span></div>
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi774w545d4bco-wsxJHxTajEpNolncrDZ-4NMyKFyqg0lOKMDJuBqsoh0wPxjixG6iEz25GAoi-L6-T1dE1X6-y7Gn9sm3JK2GiHo2N4ZL6OcK2wUN-AW-ZAAM9HOQyB8hY3CdjNtU5x8/s1600/camera-coffee-composition-1509428.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1045" data-original-width="1600" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi774w545d4bco-wsxJHxTajEpNolncrDZ-4NMyKFyqg0lOKMDJuBqsoh0wPxjixG6iEz25GAoi-L6-T1dE1X6-y7Gn9sm3JK2GiHo2N4ZL6OcK2wUN-AW-ZAAM9HOQyB8hY3CdjNtU5x8/w640-h418/camera-coffee-composition-1509428.jpg" width="640" /></a></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: right; vertical-align: baseline;"><span style="font-family: georgia, serif; font-style: italic;"><span style="font-size: xx-small;">Image Courtesy: Like Minds</span></span></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: right; vertical-align: baseline;"><br /></div>
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<span style="font-family: "times new roman" , serif; font-size: 12pt;">Many times and over the following
question comes from people to us insurance experts: <b><span style="border: 1pt none windowtext; mso-border-alt: none windowtext 0cm; padding: 0cm;">“Why will I pay a premium for a one-year policy and at the end of
that year, I sustain no loss but the insurer never gives me my money back?”</span></b><o:p></o:p></span></div>
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<span style="font-family: "times new roman" , serif; font-size: 12pt;">In the general insurance business and
some Life Assurance Policies, premium payment is once a year. And at the end of
the year if the claim does not crystallize the client is not paid anything.
This is how the general insurance business operates. You should be aware that you
did not buy Life Insurance with a savings option. This means that once your
policy expires at the end of the 12th month and no loss occurred there is no
payout.<o:p></o:p></span></div>
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<span style="font-family: "times new roman" , serif; font-size: 12pt;">Insurance is a risk transfer
mechanism based on the law of large numbers and probability. Insurers collect
the money of many and put them in a pool to insure a homogeneous risk. During
the period of the policy, it is not possible for everyone to sustain losses. At
least from the group only a fraction (say 30%) would have claims. The remaining
70% who also contributed to the pool will have their money used to settle those
who came for claim. Any balance becomes underwriting profit to the insurer. You
can now see that it is an injustice to contribute to the pool and seek to withdraw
your contribution after expiry. This negates the principles of insurance. <o:p></o:p></span></div>
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<b><span face=""segoe ui" , sans-serif" style="font-size: 18pt;">What is Insurance?<o:p></o:p></span></b></div>
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<span style="font-family: "times new roman" , serif; font-size: 12pt;">Insurance is a risk transfer
mechanism where one person called the insured transfer his risk to another
called the insurer in exchange for consideration called the premium. The insurer is
under obligation to pay the insured if he sustains a loss. Insurance is a silent
product. You don’t know what you have until there is a loss (claim). It is not
like opening a bank account that you go from time to time to withdraw your
money or admire how much money is in your account. It is a totally different
ball game. Your policy is only tested when there is a claim. You might be
looking at your policy document as an insignificant document but wait until you
have a claim. Provided the policy is still running and the premium is fully paid, you
get your claim settled pronto. <o:p></o:p></span></div>
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<b><span face=""segoe ui" , sans-serif" style="font-size: 18pt;">What is the usefulness of
Insurance to Businesses?<o:p></o:p></span></b></div>
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<span style="font-family: "times new roman" , serif; font-size: 12pt;">The usefulness of Insurance to
businesses is numerous. For want of time and space we put down these three
points:<o:p></o:p></span></div>
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<b><span face=""segoe ui" , sans-serif" style="font-size: 16pt;">1. Preservation Of The
Bottom-Line<o:p></o:p></span></b></div>
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<span style="font-family: "times new roman" , serif; font-size: 12pt;">To an entrepreneur, the word
bottom-line is the most important word. It ensures he gets paid, it ensures he
is there for years to come, it ensures his doors remained open for business
year in year out. Bottom-line is the profit made during business transactions.
If there is profit, the entrepreneur is guaranteed another year of smooth
business operation. Yet, if not then it would be a turbulent year.<o:p></o:p></span></div>
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<b><span face=""segoe ui" , sans-serif" style="font-size: 14pt;">How does Insurance assist in
preserving the bottom line?<o:p></o:p></span></b></div>
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<span style="font-family: "times new roman" , serif; font-size: 12pt;">The entrepreneur confronts
business risks daily, weekly, monthly, and yearly. It would interest you to know
that any of the risks can become a claim. The entrepreneur would be in serious
trouble if the claim eats into his bottom line.<o:p></o:p></span></div>
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<span style="font-family: "times new roman" , serif; font-size: 12pt;">For example, if fire guts the main
factory of a manufacturing company the outcome will vary. First, if the
entrepreneur has insurance he would just call on them. They will assess the
claim, exchange correspondences, and documents. After a couple of weeks or months,
the claim would be fully settled. The entrepreneur would re-build the factory
and move on. The money to re-build will not come from his over-stretched
budget. It would come from the insurance company. Furthermore, during the
period of no business because of the fire if he has </span><i><span style="border: 1pt none; font-family: "georgia" , serif; font-size: 12pt; padding: 0cm;">Consequential
Loss Insurance</span></i><span style="font-family: "times new roman" , serif; font-size: 12pt;"> he would
get compensated. All his Fixed Costs when the business was down will get paid
until the factory is up and running again.<o:p></o:p></span></div>
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<span style="font-family: "times new roman" , serif; font-size: 12pt;">On the other hand, if he has no
insurance, he would have to dip his hands into his pocket to fix the damages
caused by the fire. It is not going to be an easy task at all, it would affect
his funds and savings, it would erode his profit, and so on. His strategy would
be to pass on the expenses to his customer by increasing the price of his
products. That can spell doom on his competitive position in the market. Many
customers would leave him for his competitors due to the price change. Save
yourself the heartache, get your insurance policy now.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"> <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 21pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3; text-align: justify; vertical-align: baseline;">
<b><span face=""segoe ui" , sans-serif" style="font-size: 16pt;">2. Keeps Businesses Running<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">From the example in 1 above, the
factory that got engulfed in fire kept running. Have you ever asked yourself
why banks branches are still open after many robberies? The bank never shakes but
rather keeps waxing great. The truth is that all these banks have Money
Insurance and other insurances. If there is a robbery, all the bank needs to do
is notify his Insurance broker or Insurance company and the rest would be
history.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">There are factories in this
country that have folded up due to a lack of Fire Insurance. Many of them could
not be bound back after major fire incidents. It is somehow hard and capital
intensive to make provision for disaster. The best thing to do is to insure the
risk.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 21pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3; text-align: justify; vertical-align: baseline;">
<b><span face=""segoe ui" , sans-serif" style="font-size: 16pt;"><br /></span></b></div>
<div class="MsoNormal" style="line-height: 21pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3; text-align: justify; vertical-align: baseline;">
<b><span face=""segoe ui" , sans-serif" style="font-size: 16pt;">3. Assists In Proper Management
Of Business Risks<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">There are many risks confronting
businesses daily. To counter them you need adequate insurance. For every risk,
there is an insurance policy. Below is a list of business risks and insurance
policies that can help combat them:<o:p></o:p></span></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;"><span style="font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;"><span style="font-family: "times new roman" , serif; font-size: 12pt;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQEr7cM6J3k_UVKuLGoXxSSUMUzv2tmMKZEAXmoHnhgR4-amcNghHdNj-ecdSRp5aTPtZHPoBUutS7-xR-2WW880Mhiy8uiCwKFMneMw19yfDy6LW4PDWWqpQ2NfvzkMkTdkTbBejsnEY/" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" data-original-height="567" data-original-width="463" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQEr7cM6J3k_UVKuLGoXxSSUMUzv2tmMKZEAXmoHnhgR4-amcNghHdNj-ecdSRp5aTPtZHPoBUutS7-xR-2WW880Mhiy8uiCwKFMneMw19yfDy6LW4PDWWqpQ2NfvzkMkTdkTbBejsnEY/s16000/image.png" /></a></div></span></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;"><b><span face=""segoe ui" , sans-serif" style="font-size: 18pt;">Conclusion</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">Insurance gives peace of mind to
the policyholder. Government agencies need more and more companies to have some
form of insurance as a rule for accreditation. (Read <a href="https://awajis.com/blog/compulsory-insurance-nigeria/" target="_blank"><span style="border: 1pt none; color: #665ed0; padding: 0cm;">Compulsory Insurance In Nigeria</span></a> for more). To practice
as a professional (e.g. Legal, Doctor, Accountants, etc) in many fields you need
Professional Indemnity Policy. To a large extent, you can now see how useful
insurance is to your business.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">Do not cheat yourself, do the
right thing today.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;"><br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"><i><span style="color: red;">This post written by me first appeared on
https://awajis.com/blog/insurance-your-business/. Go there and read more.<o:p></o:p></span></i></span></div>
<div class="MsoNormal">
<br /></div>
<br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><br />
Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com24tag:blogger.com,1999:blog-6979409789287324584.post-58262386883497459192017-12-08T02:45:00.001-08:002021-10-12T09:16:01.626-07:00Motor Insurance Policy Terms You should Know<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
<i>Certain terms in your insurance policy document, be it motor
insurance policy document or others are determinant factors as to if
your claim will be paid or not. This post will highlight only four of
such.</i></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJWDX9sSACeDceA-Ih-SxCEGcfFVWemTPWwP_HcqA3Ptaz-OpSc-_zv4Z8kiCXK9Upzs4ps2Qmi32cKu4ToG8jIcfDjVGcUXMbU0OZbHyur5Npi7niQ2gYgtmzzmThjOafAMgruF4PTKk/s2048/GettyImages-1053743626-21039c92e4b44b828f71db2c1d27a9a2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1152" data-original-width="2048" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJWDX9sSACeDceA-Ih-SxCEGcfFVWemTPWwP_HcqA3Ptaz-OpSc-_zv4Z8kiCXK9Upzs4ps2Qmi32cKu4ToG8jIcfDjVGcUXMbU0OZbHyur5Npi7niQ2gYgtmzzmThjOafAMgruF4PTKk/w640-h360/GettyImages-1053743626-21039c92e4b44b828f71db2c1d27a9a2.jpg" width="640" /></a></div><div class="separator" style="clear: both; text-align: right;"><span style="font-size: xx-small;"><i>Courtesy: Getty Image</i></span></div><br />
<div class="sw-pinit aligncenter wp-image-35363 size-medium" style="text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
</div>
</div>
<div style="text-align: justify;">You
have a Comprehensive Motor Policy and are so proud of yourself. Your
mind is at rest and all seems good. But, do you know that there are
certain terms in that your policy document? Terms your insurance agent
might not be patient enough to show you? One thing about such terms is
that they are no threat unless there is a loss and you need to make a
claim. You will feel betrayed and disappointed to be told that certain
terms are standing between you and your cheque.</div>
<div style="text-align: justify;">
Here are the terms:</div>
<h2 style="text-align: justify;">
<b>Excess Clause</b></h2>
<div style="text-align: justify;">
Excess
is the part of each and every claim you as a policyholder is expected
to bear. Excess makes you the policyholder to be a co-insurer on the
policy. It instills into you, the duty of care i.e. once you know that
you are to bear a certain percentage of any claim, it is natural to act
with due care. Excess is a big part of insurance and it is available in
most policies except for liability policies.</div>
<div style="text-align: justify;">
Most insurance
officers/marketers don’t like talking about excess because it
discourages people from finally releasing their cheques. However, it is
better to educate your prospects/clients about it so that they are
prepared for it beforehand. They will thank you in future for letting
them know rather than quarrel with you. Such act is a reason why most
people complain that insurance people are fraudsters. They will not let
you know the bitter side of the sweet tale they are telling.</div>
<div style="text-align: justify;">
Excess
is usually graduated i.e. flat amount or percentage (e.g. N50,000 or 5%
of claim, whichever is higher). For example, assuming you sustain a
loss of N200,000. You will be expecting the insurer to write you a
cheque of N200,000; right? Wrong! Excess must be charged on the N200,000
as follows:</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Option A</b></div>
<div style="text-align: justify;">
Excess to be deducted = N50,000</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Option B</b></div>
<div style="text-align: justify;">
5% of claim</div>
<div style="text-align: justify;">
N200,000 x <u>5% </u>= N10,000</div>
<div style="text-align: justify;">
From
the foregoing, the absolute value of N50,000 will be deducted from the
claim (the condition is whichever is higher). Therefore N150,000 will be
paid to you on the claim, as follows:</div>
<div style="text-align: justify;">
N200,000 – N50,000 = N150,000.</div>
<div style="text-align: justify;">
On the other hand, if the claim is N1,500,000 the position will be different.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Let see the two options:</b></div>
<div style="text-align: justify;">
<b>Option A</b></div>
<div style="text-align: justify;">
Excess to be deducted = N50,000</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Option B</b></div>
<div style="text-align: justify;">
5% of claim</div>
<div style="text-align: justify;">
N1,500,000 x <u>5% </u>= N75,000.00</div>
<div style="text-align: justify;">
Now
from this, N75,000 is higher than N50,000, so it will be deducted from
the claim. N1,425,000 will be the amount payable out of the N1,500,000
as follows:</div>
<div style="text-align: justify;">
N1,500,000 – N75,000 = N1,425,000.</div>
<div style="text-align: justify;">
ad: <a href="http://awajis.com/blog/compulsory-insurance-nigeria/">Compulsory Insurance in Nigeria</a></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
It
is extremely rare to find a motor vehicle policy without an excess
imposed. Nevertheless, the excess can be removed by applying for <b>Excess-Buy-Back</b>.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Excess-Buy-Back</b>
is a clause that makes it possible for excess to be removed from a
policy at the payment of an additional premium. For instance, a car of
N200,000 @ 5% the premium is N100,000. If he requested for
Excess-Buy-Back, then it will look like this:</div>
<div style="text-align: justify;">
Value = N2,000,000</div>
<div style="text-align: justify;">
Rate = 5%</div>
<div style="text-align: justify;">
Premium = N100,000</div>
<div style="text-align: justify;">
Excess Buy Back = 0.5%</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b><u>Computation</u></b></div>
<div style="text-align: justify;">
Premium = 2,000,000 x 5% = N100,000</div>
<div style="text-align: justify;">
Excess-Buy-Back = 2,000,000 x 0.5% = N10,000</div>
<div style="text-align: justify;">
Total Premium = N100,000 + N10,000 = N110,000</div>
<div style="text-align: justify;">
<br /></div>
<h2 style="text-align: justify;">
<b>Tires are not covered</b></h2>
<div style="text-align: justify;">
Under
this policy damage to tires are not covered. It means if you report to
your insurer that your tires got damaged because you drove your vehicle
on broken bottles or some objects. If you report such, it would be
thrown out! Nevertheless, if the car was involved in an accident and
your tires are damaged in the process the claim will be paid in full and
the tires replaced. In the policy document, this exception is written
as:</div>
<div style="text-align: justify;">
<b> “The Company shall not be liable to pay for damage to tyres unless the Motor Vehicle is damaged at the same time.”</b></div>
<div style="text-align: justify;">
<br /></div>
<h2 style="text-align: justify;">
<b>Wear and Tear not covered</b></h2>
<div style="text-align: justify;">
<b> </b>Wear
and tear, mechanical or electrical breakdown, failure or breakages are
not covered. The purpose of Motor Insurance to provide indemnity for any
loss or damage consequent upon any accident, hire, explosion or theft.
In the policy document, this exception is written as:</div>
<div style="text-align: justify;">
<b>“The
Company shall not be liable to pay for consequential loss,
depreciation, wear and tear, mechanical or electrical breakdowns,
failures or breakages”</b></div>
<div style="text-align: justify;">
However, a claim become payable if
the wear and tear or mechanical or electrical breakdown etc led to an
accident. It is written in the policy document thus:</div>
<div style="text-align: justify;">
<b> “The
Company will indemnify the Insured against loss of or damage to the
Motor Vehicle and its accessories whilst thereon by accidental collision
or overturning consequent upon mechanical breakdown or consequent upon
wear and tear”</b></div>
<div style="text-align: justify;">
<br /></div>
<h2 style="text-align: justify;">
<b>Limit of Liability</b></h2>
<div style="text-align: justify;">
For every.....<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><a href="https://awajis.com/blog/terms-motor-insurance-policy/" target="_blank"><b><span style="color: red;"><i>Read the rest of the post here....</i></span></b></a></span></span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><span style="color: blue;"><b><span style="color: red;"><i><span style="color: blue;"><span style="color: blue;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><b><span style="color: red;"><i>.....and please do leave your comment here!</i></span></b></span></span></span></span> </i></span></b></span></span></span></div>
<div style="text-align: justify;">
<i><br /></i></div>
</div>
Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com23tag:blogger.com,1999:blog-6979409789287324584.post-36079905426780537352017-12-08T02:39:00.001-08:002021-10-12T09:20:13.416-07:00Third Party Motor Insurance in Nigeria<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
<i>The local parlance, ‘Police-Let-Me-Pass’ is the term used in Nigeria
to denote Third Party Motor Insurance Policy. This mandatory form of
insurance remains the most enforced out of all the compulsory
insurances.</i></div>
<div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-Bzq7ZRsMJRhQudWfrkmiuVRiNcugSuogcJ1CP7pxBbQAPKjfSRQ1jqdx65sGh3NA7KxVA6D2pwNd3xEU0DjVf8CS61_sP-TN2TkYw_FX9b8NhNA2uqZVY9SfIBBVymCONXMpBIKlciY/s960/car_accident-e79ae57204b34f5589a2967bff98e89a.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="480" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-Bzq7ZRsMJRhQudWfrkmiuVRiNcugSuogcJ1CP7pxBbQAPKjfSRQ1jqdx65sGh3NA7KxVA6D2pwNd3xEU0DjVf8CS61_sP-TN2TkYw_FX9b8NhNA2uqZVY9SfIBBVymCONXMpBIKlciY/w640-h480/car_accident-e79ae57204b34f5589a2967bff98e89a.jpg" width="640" /></a></div><div style="text-align: right;"><i><span style="font-size: xx-small;">Courtesy: Investopedia</span></i></div><div style="margin-left: 1em; margin-right: 1em;"><br /></div>
Year
after year, motorists renew their vehicle particulars to be on the
right of the law. Some people have formed the habit of renewing all
their vehicle papers including their vehicle insurances at the licensing
office. This habit is not a bad one but surprisingly it might turn out
to be, this is because some licensing agents embark on shady deals
regarding motor insurance covers. If care is not taken you might get
fake insurance papers, so exercise caution when dealing with them. We
shall be talking about <i>How To Confirm The Authenticity Of Your Insurance Certificate </i>in our subsequent posts. Watch out!</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
It
is important to note that your Third Party Motor Insurance is more than
‘Police-Let-Me-Pass.’ It will save you a whole lot of heartache and
might cause you a tremendous heartbreak if absent. It might seem so
insignificant, but there is more to it than you think. This post is
written to enlighten you more about your Third Party Motor Insurance.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>There are three basic motor insurance covers and these include:</b></div>
<ul style="text-align: justify;">
<li>Comprehensive Motor Policy</li>
<li>Third Party, Fire & Theft Motor Policy</li>
<li>Third Party Only Motor Policy</li>
</ul>
<div style="text-align: justify;">
Out
of the three, the last one is the minimum insurance required by law for
every vehicle owner – which is the focus of this post.</div>
<h2 style="text-align: justify;">
<b>What Is </b><b>Third Party Motor Insurance?</b></h2>
<div style="text-align: justify;">
Third
Party Motor Insurance is one of the five compulsory insurances in the
country, made mandatory by the Insurance Act 0f 2003. To know more about
Compulsory Insurance in the country please read, <i>Compulsory Insurance In Nigeria: What You Must Know? </i></div>
<div style="text-align: justify;">
Third
Party Motor Insurance is the minimum insurance cover that every car
user and/or owner must possess. Legally, you are not expected to drive
any vehicle on any public road without insurance. The policy provides
indemnity to Third Parties for death, bodily injury and property damage
as a result of accident with the insured’s automobile. The insured in
this case if the vehicle owner.</div>
<h2 style="text-align: justify;">
<b>Legal Background</b></h2>
<div style="text-align: justify;">
Third Party Motor Insurance in Nigeria has its legal backing in Section 68 of the Insurance Act of 2003. The Act states that: <i>“No
person shall use or cause or permit any other person to use a motor
vehicle on a road unless a liability which he may thereby incur in
respect of damage to the property of third parties is insured with an
insurer.”</i></div>
<div style="text-align: justify;">
Under this Act, the penalty for non-compliance of
any motorist or driver is N250,000 or one-year imprisonment or both.
Note that compliance with this act is total i.e. after purchase it must
be renewed at expiry every year. An expired/unrenewed insurance is like
no insurance.</div>
<div style="text-align: justify;">
Have you seen: Compulsory Insurance in Nigeria: What you Must Know</div>
<h3 style="text-align: justify;">
<b>What is the fate of a person who was hit by a vehicle that does not have insurance or a hit-and-run driver?</b></h3>
<div style="text-align: justify;">
Now,
a Third Party who got hit by an uninsured vehicle or a hit and run is
protected by the National Insurance Act 2003. The protection is provided
by Section 78 of the Act. The Act made it mandatory for all registered
insurers to make contributions to a security fund administered by the
National Insurance Commission. Section 78 (1)(a)(b) states that;</div>
<div style="text-align: justify;">
<i>“The fund is to:</i></div>
<ul style="text-align: justify;">
<li><i>Be
used for the payment of any claim admitted by or allowed against a
registered insurer where such claim remains unpaid by reason of
insolvency or cancellation of the registration of the insurer; and</i></li>
<li><i>Be used to compensate innocent individual third parties permanently disabled or killed by uninsured or unidentified drivers.”</i></li>
</ul>
<div style="text-align: justify;">
The National Insurance Commission determines the level of the fund and proportion of compensation paid in respect of any claim.</div>
<h3 style="text-align: justify;">
<b>What and Who Is Covered?</b></h3>
<div style="text-align: justify;">
As mentioned in the definition, this policy covers:</div>
<ul style="text-align: justify;">
<li>Your
legal liability to third parties for death or injury to such and any
damage to their property or properties from the use of your motor
vehicle. The limits of liability is as follows:</li>
</ul>
<ol style="text-align: justify;">
<li>Death/Injury – Liability payable is unlimited (depends on the court’s ruling)</li>
<li>Third Party Property Damage – Liability payable is a minimum of N1m</li>
</ol>
<ul style="text-align: justify;">
<li>Your
lawyer’s fees for your legal representation or your driver’s at any
judicial proceeding arising from an accident which may give rise to a
claim under the policy and any other expenses.</li>
</ul>
<h3 style="text-align: justify;">
<b>Exclusions – What and Who is not Covered?</b></h3>
<div style="text-align: justify;">
Under
this policy, you should be aware that this policy does not cover you or
your vehicle. Like the name implies, it covers only <b>third parties</b>.
Under the Act, a Third Party is someone other than you, your relatives
or employees. In a contract of insurance, you are the first party, your
insurer is the second party and any other person beside you and those
mentioned earlier is the Third Party.</div>
<div style="text-align: justify;">
If you need a motor
insurance that covers you and your vehicle, then go for a Comprehensive
Motor Insurance. More on this in our subsequent post: <i>What Should I Buy: Third Party Motor Insurance vs. Comprehensive Motor Insurance.</i></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><a href="https://awajis.com/blog/third-party-motor-insurance/" target="_blank"><b><span style="color: red;"><i>Read the rest of the post here....</i></span></b></a></span></span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><span style="color: blue;"><b><span style="color: red;"><i><span style="color: blue;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><b><span style="color: red;"><i>.....and please do leave your comment here!</i></span></b></span></span></span> </i></span></b></span></span></span></div>
<div style="text-align: justify;">
<i><br /></i></div>
</div>
Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com6tag:blogger.com,1999:blog-6979409789287324584.post-51418641212989327042017-12-07T03:43:00.002-08:002021-10-12T10:01:15.268-07:00Comprehensive House-owner/Householder Insurance Is The Best Type of Cover For Your Home<div dir="ltr" style="text-align: left;" trbidi="on"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUfjZ15oSzWhCrFtXgptQ1WmqKnRjJsK9DRnyJKKV7B9OBoNLUnK1c8X89vbgIkkXNRaV0571AHJOWrdeN4j347RDsMjY4-knT25UmutuBJc4FGHaubneYa7snOCxrTZwDM_omDpje2tI/s2048/home-insurance-buying.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1152" data-original-width="2048" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUfjZ15oSzWhCrFtXgptQ1WmqKnRjJsK9DRnyJKKV7B9OBoNLUnK1c8X89vbgIkkXNRaV0571AHJOWrdeN4j347RDsMjY4-knT25UmutuBJc4FGHaubneYa7snOCxrTZwDM_omDpje2tI/w640-h360/home-insurance-buying.jpg" width="640" /></a></div><span style="font-size: xx-small;"><div style="text-align: right;"><i>Courtesy: TX Insurance Quotes</i></div></span><div class="separator" style="clear: both; text-align: right;"><br /></div>
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<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">‘</span></span><a href="https://johnny2008-insurance.blogspot.com/2017/12/landlord-or-tenant-who-should-insure.html"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">Landlord or Tenant: Who Should Insure the Building</span></span></a><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">?’
was a post that dealt with the issue of insurable interest in property
insurance. We concluded that both the landlord and the tenants are
obliged to insure the property in their individual capacities. One
policy that is designed for the purpose of assisting the landlord and/or
the tenant with their insurance rights is the House owners/Householders
Comprehensive Policy.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">The <b>House owners/Householders Comprehensive Policy</b>
is a policy that is effected by the landlord (owner of the building) or
tenant(s). The policy applies to both the buildings and the contents.
This policy is a package policy due to the fact that it combines the
elements of four different insurance classes – fire & special
perils, burglary/theft, public liability and personal accident.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">This policy is the adequate cover you need either as a landlord or a tenant this is due to the following reasons:</span></span></div>
<ul>
<li style="text-align: justify;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">The policy is divided into different sections covering different risks. This fact makes the policy the best cover for your home.</span></span></li>
<li style="text-align: justify;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">The policy can be tailored to cover either a landlord or a tenant, so your status is not a barrier.</span></span></li>
<li style="text-align: justify;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">The policy is the most suitable for private dwelling houses.</span></span></li>
<li style="text-align: justify;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">The
policy although suitable for private apartments, it can also be applied
to office contents of professionals like lawyers, insurance brokers,
architects, accountants etc. who use part of their residential buildings
to practice their trade.</span></span></li>
<li style="text-align: justify;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">The
policy is elaborate in the scope of cover, for example, if an aircraft
or mast should fall on a building and cause it to be damaged, the policy
will respond.</span></span></li>
</ul>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><b><u>Structure of the policy</u></b></span></span></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">House owners/Householder Comprehensive Policy is structured into five different sections as follows:</span></span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><b>Section I – Building (Fire & Special Perils Cover)</b></span></span></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">This section covers loss or damage to properties by:</span></span></div>
<ul>
<li style="text-align: justify;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">Fire, lighting, explosion, thunderbolt, underground fire</span></span></li>
<li style="text-align: justify;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">Aircraft or other aerial devices or articles dropped from above</span></span></li>
<li style="text-align: justify;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">Bursting or overflowing of water tanks, pipes and other water apparatus but not septic tanks</span></span></li>
<li style="text-align: justify;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">Riots, strikes, civil commotions or malicious intents of others</span></span></li>
<li style="text-align: justify;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">Hurricane, cyclone, tornado or windstorm, earthquake fire and shock, volcanic eruptions, subsidence or landslide</span></span></li>
<li style="text-align: justify;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">Impact by vehicles, horses or cattle (including resident’s animals)</span></span></li>
<li style="text-align: justify;"><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">Debris removal or damage to underground services</span></span></li>
</ul>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><b>Section II – Contents (Fire & Burglary Cover)</b></span></span></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">Content
include household goods and personal effects which include jewelries,
articles of gold, silver or precious metals, gem stones, work of art and
so on. This section covers loss or damage to properties by all elements
from section 1 above. It also covers loss or damage to properties by
Theft (either by strangers and/or legal members’ theft).</span></span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><b>Section III – Additional expenses of alternative accommodation</b></span></span></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">This
section covers the cost of sourcing for an alternative accommodation as
a result of the building become inhabitable due to a claim. It also
covers loss of rent precipitated by a loss.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><b>Section IV – Public Liability</b></span></span></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;">This
section covers liability or legal responsibility to Third Party for
death, bodily injury or damage property. Third Party does not include
the insured’s family members and domestic staff. For example, if a
visitor comes to your house and during the time he was there, your
ceiling fan fell on him and he was injured in the process, the policy
covers it. Furthermore, if he sues you for damages as a result of the
incident, the policy covers the cost of the litigation and the
judgement. The limit of liability could be up to N1,000,000.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><a href="https://nairabricks.com/blogs/comprehensive-householder-houseowner-insurance-is-the-best-type-of-cover-for-your-home" target="_blank"><b><span style="color: red;"><i>Read the rest of the post here....</i></span></b></a></span></span><br />
<br />
<span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><span style="color: blue;"><b><span style="color: red;"><i><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><b><span style="color: red;"><i>.....and please do leave your comment here!</i></span></b></span></span> </i></span></b></span> </span></span></div>
<br /></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br />
Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com3tag:blogger.com,1999:blog-6979409789287324584.post-48521064165806375212017-12-07T03:21:00.003-08:002021-10-12T10:05:43.563-07:00Landlord or Tenant: Who Should Insure the Building? <div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: center;"><span><div class="separator" style="clear: both; font-size: 14px; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPPlX0a45o6D0y4xfzjhMgZdOpfvvFV3X0ZfdQEAC-EGcXzlLkzuOSmt94nHi8JOV_lFq_chNUylmcgnwYXjtVg4-7XSJr8uGcQSxlW8o7U4vltS3QbEAK4Y5O1a9uXgT2oLIx8Qe5HPA/s1024/wildfires-around-the-world-1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="512" data-original-width="1024" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPPlX0a45o6D0y4xfzjhMgZdOpfvvFV3X0ZfdQEAC-EGcXzlLkzuOSmt94nHi8JOV_lFq_chNUylmcgnwYXjtVg4-7XSJr8uGcQSxlW8o7U4vltS3QbEAK4Y5O1a9uXgT2oLIx8Qe5HPA/w640-h320/wildfires-around-the-world-1.jpg" width="640" /></a></div><i><div style="text-align: right;"><i><span style="font-size: xx-small;">Courtesy: Time Magazine</span></i></div></i><span style="font-size: 14px;"> </span></span></div>
<div style="text-align: justify;">
<span style="font-size: 14px;">As a
landlord, have you taken time out to think about the risk your property
is exposed to in the custody of your tenants? There are different kinds
of tenant: the careful ones and the negligent ones. Many buildings have
been set ablaze by the negligence of tenants, and in such cases, the
tenants are too financially incapacitated to bear the repairs of the
damaged building. The landlords, in such cases, are left to lick their
wounds. On the other hands, as a tenant, what measure do you have in
place regarding your apartment?</span></div>
<div style="text-align: justify;">
<span style="font-size: 14px;">Let
us consider this example; a particular landlord was taken to court by
his tenant for damage to his (the tenant) properties as a result of a
recent fire incident. His landlord counter-sued him for causing the fire
while claiming damages. The tenant blamed the landlord for not having
the electrical system in order which led to the incident. It seems to be
a knotty case. From the preceding, three positions are possible:</span></div>
<ul>
<li style="text-align: justify;"><span style="font-size: 14px;">If
the landlord gets convicted that the fire was due to his fault, he will
be responsible for fixing the building and will pay the tenant damages
and also his inconvenience e.g. cost of getting an alternative
accommodation, loss of rent and so on.</span></li>
<li style="text-align: justify;"><span style="font-size: 14px;">If
the tenant is convicted of causing the fire as a result of his
negligence, he would be held responsible for fixing the landlord’s
building.</span></li>
<li style="text-align: justify;"><span style="font-size: 14px;">If
none of them could be convicted of the fire or found equally liable,
then they both will have to take care of the repairs of their properties
themselves.</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: 14px;">Now,
the million-dollar question begging for an answer still is: Who should
insure the building? The answer is both of them. The landlord and
tenants both have insurable interest in the building differently. The
landlord can insure the whole building while the tenant can insure his
properties within the building and also the legal liability that might
arise as a result of loss/damage to the building. </span><span style="font-size: 14px;">Now, what is the term </span><b style="font-size: 14px;">Insurable Interest</b><span style="font-size: 14px;">?</span></div>
<div style="text-align: justify;"><span style="font-size: 14px;"><b><br /></b></span></div><div style="text-align: justify;">
<span style="font-size: 14px;"><b>Insurable Interest</b>
is the legal right to insure arising out of a financial relationship
recognized at law, between the insured and subject-matter of insurance.
What this mean in essence is that for one to insure a property, there
must be a relationship with that property. The relationship must either
be legal or financial. This means that the owner benefits from the
continual existence or suffer deprivation from the loss the
subject-matter of insurance.</span></div>
<div style="text-align: justify;">
<span style="font-size: 14px;"><i>Watch out for my next post on Insurable Interest.</i></span></div>
<div style="text-align: justify;">
<span style="font-size: 14px;">Now with that knowledge, let us now analyze in details roles of both landlord and tenants regarding insurance.</span></div>
<div style="text-align: justify;"><span style="font-size: 14px;"><b><br /></b></span></div><div style="text-align: justify;">
<span style="font-size: 14px;"><b>The Landlord</b></span></div>
<div style="text-align: justify;">
<span style="font-size: 14px;">He
owns the building and if there is fire incident he loses everything.
That is why he needs insurance to protect himself from financial loss as
a result of fire damage to the building. A landlord, therefore, needs
to insure more than the tenants because he has a whole lot to lose
compared to the tenants. He should not depend on court ruling to recoup
his investment because tenants do not have the financial muscle to pay
in such case. He should insure for his safety.</span></div>
<div style="text-align: justify;"><span style="font-size: 14px;"><b><br /></b></span></div><div style="text-align: justify;">
<span style="font-size: 14px;"><b>The Tenant</b></span></div>
<div style="text-align: justify;">
<span style="font-size: 14px;">He
occupies part of the building and if there is fire incident he loses
his properties. The landlord sued by the tenant for negligence and will
pay if found guilty. He needs insurance to protect himself against such
legal liabilities. A tenant needs to insure too because his property and
the legal liability over the landlord’s property are at stake.</span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: 14px;"><a href="https://nairabricks.com/blogs/landlord-or-tenant-who-should-insure-the-building" target="_blank"><b><span style="color: red;"><i>Read the rest of the post here....</i></span></b></a></span><br />
<br />
<span style="font-size: 14px;"><b><span style="color: red;"><i><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><span style="color: blue;"><b><span style="color: red;"><i><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><b><span style="color: red;"><i>.....and please do leave your comment here!</i></span></b></span></span> </i></span></b></span></span></span> </i></span></b> </span></div>
</div>
Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com2tag:blogger.com,1999:blog-6979409789287324584.post-59836948896790915522017-12-07T03:03:00.002-08:002021-10-11T14:35:04.907-07:00Robbers Stole My Car! Will My Insurance Help Me?<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
I recalled an incident that occurred some years back. It happened
that a young man was robbed on his was from a party. The robbers
snatched his car, and he was left to hitch a ride back home. In
anger, he notified his insurer of the incident and demanded a
replacement car since he has insurance. His insurers sympathized with
him for the loss and to his greatest shock politely informed him that
the claim would not fly because his car was not covered! Out of
frustration, he decided to sue his insurer, but he lost the case.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The
question now is: Why was the man’s claim rejected? Why was his car not
covered, since he possesses insurance then he should be compensated?</div>
<br />
<div class="sw-pinit wp-image-33889 aligncenter">
<img alt="" class=" lazyloaded" data-lazy-sizes="(max-width: 476px) 100vw, 476px" data-lazy-src="https://awajis.com/wp-content/uploads/2017/05/car_thief1-300x200.jpg" data-lazy-srcset="https://awajis.com/wp-content/uploads/2017/05/car_thief1-300x200.jpg 300w, https://awajis.com/wp-content/uploads/2017/05/car_thief1-768x512.jpg 768w, https://awajis.com/wp-content/uploads/2017/05/car_thief1-1024x683.jpg 1024w, https://awajis.com/wp-content/uploads/2017/05/car_thief1-272x182.jpg 272w" height="317" src="https://awajis.com/wp-content/uploads/2017/05/car_thief1-300x200.jpg" width="476" /></div>
<br />
<div style="text-align: justify;">
The
scenario above bothers on the issue of uninsured risks. Let us take a
critical look at it for better understanding. For the car in question
not to be replaced, then it would have been insured on Third Party Only
Motor Policy which is the minimum cover available. It is important to
know that there are four types of motor insurance which include, Act
Only, Third Party Only Cover, Third Party Fire & Theft and
Comprehensive. However, in practice presently only three types of
coverages issued to vehicle owners which include:<b> </b></div>
<br />
<h3 style="text-align: left;">
<b>1. Third Party Only Motor Insurance: </b></h3>
<div style="text-align: justify;">
This
is the minimum insurance yet. It indemnifies the policyholder for
death, injury or property damage to third parties as a result of
accident due to the use of the policyholder’s vehicle.</div>
<div style="text-align: justify;">
<b>What/Who Is Covered?</b></div>
<div style="text-align: justify;">
This policy covers:</div>
<div style="text-align: justify;">
1.
The legal liability of the policyholder to third parties as a result of
damage to the property of such third parties and any injury or death to
third parties from using the vehicle.</div>
<div style="text-align: justify;">
2. The legal fees for the
legal representation of the insured or his driver at any judicial
proceedings due to an accident and any other expenses of the
policyholder.</div>
<div style="text-align: justify;">
In summary, the following are covered:</div>
<ul>
<li>Other Motorists</li>
<li>Members of the public and their properties</li>
<li>Pedestrians</li>
</ul>
<br />
<b>What/Who Is Not Covered</b><br />
The following are not covered:<br />
<ol style="text-align: left;">
<li>Any damage to the policyholder’s car</li>
<li>Death or injury to your family members (they are not third parties)</li>
<li>Loss or damage to your properties or that of your family members</li>
<li>Theft of your vehicle<b> </b></li>
</ol>
<h3 style="text-align: left;">
<b>2. Third Party Fire & Theft Motor Insurance: </b></h3>
<div style="text-align: justify;">
This
is a type of cover that goes a step ahead of Third Party Only Cover. In
addition to all the cover provided in Third Party Only, it is extended
to protect the policyholder’s vehicle for loss as a result of fire and
theft.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>What/Who Is Covered?</b></div>
<div style="text-align: justify;">
This policy covers:</div>
<div style="text-align: justify;">
1.The
legal liability of the policyholder to third parties as a result of
damage to the property of such third parties and any injury or death to
third parties from using the vehicle.</div>
<div style="text-align: justify;">
2. The legal fees for the
legal representation of the insured or his driver at any judicial
proceedings due to an accident and any other expenses of the
policyholder.</div>
<div style="text-align: justify;">
3.Loss of or damage to the policyholder’s vehicle
and accessories as a result of fire, external blast, self-ignition or
lightning, burglary, housebreaking or theft.</div>
<div style="text-align: justify;">
<b>In summary, the following are covered:</b></div>
<ul>
<li>Other Motorists</li>
<li>Members of the public and their properties</li>
<li>Pedestrians</li>
<li>Theft of policyholder’s vehicle</li>
<li>Loss or damage to the policyholder’s vehicle as a result of fire is covered</li>
</ul>
<a href="https://awajis.com/blog/car-insurance-nigeria/" target="_blank"><b><span style="color: red;"><i>Read the rest of the post here....</i></span></b></a><br />
<br />
<b><span style="color: red;"><i><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><span style="color: blue;"><b><span style="color: red;"><i><span style="font-family: "georgia" , serif;"><span style="font-size: 14px;"><b><span style="color: red;"><i>.....and please do leave your comment here!</i></span></b></span></span> </i></span></b></span></span></span> </i></span></b></div>
Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com6tag:blogger.com,1999:blog-6979409789287324584.post-26093956133971486092016-01-18T08:01:00.000-08:002021-10-11T14:37:26.653-07:00How To Choose A Life Insurance Plan In Nigeria<div dir="ltr" style="text-align: left;" trbidi="on">
<header id="cb-standard-featured"><div class="cb-mask">
<div style="text-align: center;">
<img alt="life insurance" class="cb-fi-standard wp-post-image" height="300" src="http://how.com.ng/wp-content/uploads/2015/10/life-insurance.jpg" width="623" /></div>
<div class="cb-image-credit">
</div>
</div>
<div class="cb-entry-header cb-fis cb-style-standard" id="cb-fis-wrap">
<span class="cb-title-fi"><h1 class="entry-title cb-entry-title cb-single-title" itemprop="headline">
</h1>
<div class="cb-byline cb-font-header">
</div>
</span></div>
</header>
<span style="font-size: x-large;">L</span>ife Insurance is all about protecting your future and that
of your family/dependants. Life Insurance nowadays is more fashionable
because there are many products that involve benefits being payable even
before death. There are products for family, kid’s education, capital
accumulation, thrift savings plan and so on.<br />
No matter the type of cover you choose, factors ranging from your
needs to your age and much more will determine your premium. This post
is coming with a purpose of enlightening you on how to purchase a cover
that will be of benefit to you.<br />
<br />
<h2>
<span style="color: black;">How To Choose A Life Insurance Plan</span></h2>
<pre><span style="color: black;"><strong>1. DETERMINE YOUR NEED</strong></span></pre>
Before you fill the proposal form or issue your cheque, the first
thing to do it to determine exactly what your need is. How to do this is
to look within. Answer basic questions like:<br />
Are you single or married?<br />
Do you have kids and how many?<br />
What are your running expenses?<br />
Can you afford to keep paying the premium?<br />
It is essential to answer these questions because life insurance
involves premium payment which is periodical. You are to estimate your
living expenses and add the insurance premium and see how it goes. It is
important because once you start should be able to sustain your payment
without which you will not be able to reap your full benefit. Also
answering these questions will go a long way to help in this next step
below.<br />
<br />
<pre><span style="color: black;"><strong>2. MAKE YOUR CHOICE</strong></span></pre>
There are different life insurance covers available you can choose
from. Here are the basic plans: Term assurance, whole life assurance and
endowment plan.<br />
<ul>
<li><strong>Term Assurance: </strong>provides cover for a specific
period and will only pay out if the life assured dies during the period.
It is the most basic of all life assurance policies. However, if the
assured survives, no payment is made and the policy expires. There are
different types of term assurance:</li>
</ul>
<ol>
<li>Level Term Assurance</li>
<li>Renewable Term Assurance</li>
<li>Convertible Term Assurance</li>
<li>Increasing Term Assurance</li>
<li>Decreasing Term Assurance</li>
<li>Family Income Policy</li>
<li>Increasing Family Income Policy</li>
<li>Unit-Linked Term Assurance</li>
</ol>
<br />
<ul>
<li><strong>Whole Life Assurance: </strong>is a very simple policy which
pays out whenever the life assured dies. This is different from Term
Assurance because it is a permanent policy, hence it does not expire. It
is more expensive. Whole life is a substantive policy and can be used
as security for loans. There are different types of Whole Life Cover:</li>
</ul>
<ol>
<li>Non-profit Whole Life Policy</li>
<li>With-profit Whole Life Policy</li>
<li>Low-Cost Whole Life Policy</li>
<li>Single Premium Unit-Linked Whole Life Policy</li>
<li>Regular Premium Unit-Linked Whole Life Policy</li>
</ol>
<br />
<ul>
<li><strong>Endowment Plan: </strong>Allows the sum assured to be
payable on a fixed date – the maturity date – or on the life of
assured’s earlier death. What this mean is that if the assured did not
die, the payout will go to him but if he does, it goes to his
beneficiaries. Endowment policies are substantive policies because there
will be payout at a point in the future and can be used as a security
for loans. The following are the types of endowment policies:</li>
</ul>
<ol>
<li>Non-profit endowments</li>
<li>With-profit endowments</li>
<li>Low-cost endowments</li>
<li>Low-start endowments</li>
<li>Flexidowments</li>
<li>Unit-Linked Endowments</li>
<li>Pure Endowments</li>
<li>Guaranteed Bonds</li>
</ol>
<br />
<a href="http://how.com.ng/how-to-choose-a-life-insurance-plan-in-nigeria/" target="_blank">Read the rest here </a></div>
Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com60tag:blogger.com,1999:blog-6979409789287324584.post-31874984680254090082016-01-18T07:56:00.003-08:002021-10-12T10:09:39.255-07:00How To Make A Third Party Car Insurance Claim<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: center;">
<img alt="car insurance" class="cb-fi-standard wp-post-image" height="317" src="http://how.com.ng/wp-content/uploads/2015/11/car-insurance.jpg" width="557" /> </div>
<br />
Do you know that your Third Party Car Insurance Certificate in
Nigeria has a N1,000,000 property damage cover on it? Do you also know
that the life cover on it is unlimited? If you don’t know, now you know.
Your Third Party Car Insurance Certificate is more than
‘Police-let-me-pass’ as it is commonly called in Nigeria, it is a valid
piece of paper!<br />
The issue of whether Insurance Companies pay claim is no more an
issue presently because the Insurance Industry has been revamped. Please
feel free to read <a href="http://johnny2008-insurance.blogspot.com.ng/2014/11/why-insurance-company-will-not-pay-your.html">Why Insurance Companies Don’t Pay Claims.</a> Now how do you make a Third Party Claim?<br />
<br />
<h2>
<span style="color: black;">How To Make A Third Party Car Insurance Claim</span></h2>
A Third Party Only Car Insurance covers your legal liability (as a
holder or insured) to third parties in respect of any damage to their
properties (minimum of N1m) and for any injury or death(unlimited) to
them from the use your motor vehicle. It also covers your legal fees for
defense of a claim in court.<br />
To make a Third Party Claim follow the steps below carefully.<br />
<pre><span style="color: black;"><strong>1. NOTIFICATION</strong></span></pre>
Once an accident, loss or damage occurs and it was decided that you
are at fault by the officer or people on the spot, contact your insurer
immediately. <strong><em>Note that you are not supposed to admit
liability on behalf of the insurer; it is the duty of the third party to
prove liability or be determined in the court. </em></strong>Call your
insurer on phone and for documentary purpose write a letter of
notification or email to your insurer. The letter should give a very
brief description of the incident stating the date and time of the loss.
Since this is a third party claim thus any impending prosecution,
inquest or fatal inquiry in respect of the occurrence should be
communicated to the insurer with your letter or in subsequent letters.
Also, any claim letter from the third party, writ summons and process
should be forwarded to the insurer immediately.<br />
<br />
<pre><strong><span style="color: black;">2. ACKNOWLEDGMENT</span> </strong></pre>
After your notification has been received, the insurer writes to
sympathize with and assures you of handling the claim or to reject the
claim if you are not covered. If the claim is not repudiated, the
insurer’s letter will be accompanied with a claim form for you to fill.
The claim form asks detailed questions relating to the claim. The form
helps to get a clear description of the claim. Ensure you complete it
accurately without misrepresenting anything. The information you put
down in the claim form should be the same as those in the Police Report.
The insurer will request for some claim substantiating documents which
include:<br />
<strong>For Property Damage Claim</strong><br />
<ul>
<li>Estimate of repairs</li>
<li>Photographs of the accidental vehicles</li>
<li>Third Party claim letter</li>
<li>Driver’s statement of loss</li>
<li>Police report</li>
<li>Driver’s license of the driver in charge of the vehicle prior to the accident</li>
</ul>
<br />
<strong>For Death or injury claim</strong><br />
<ul>
<li>Writ summons or court order</li>
<li>Police Report</li>
<li>Third Party claim letter</li>
<li>Photographs of the accident</li>
<li>Hospital bill</li>
<li>Death certificate</li>
<li>Corona’s report</li>
<li>Driver’s statement of loss</li>
<li>Driver’s license of the driver in charge of the vehicle prior to the accident</li>
</ul>
After you have gotten the documents, attach them to the Completed
Claim Form and forward to the insurer (originals should be forwarded to
avoid unnecessary delay).<br />
<br />
<a href="http://how.com.ng/how-to-make-a-third-party-car-insurance-claim/" target="_blank">Read the rest here</a> </div>
Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com26tag:blogger.com,1999:blog-6979409789287324584.post-67250375633762424542016-01-18T07:54:00.002-08:002021-10-11T14:36:40.811-07:00How To Protect Your Assets With Insurance<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: center;">
<img alt="Protecting your asset with insurance" class="cb-fi-standard wp-post-image" height="301" src="http://how.com.ng/wp-content/uploads/2015/12/Protecting-your-asset-with-insurance.jpg" width="601" /> </div>
<br />
<span style="font-size: x-large;">A</span>ssets are your possessions that make life easy for you; they are
parts of your life. Assets can range from material to non-material. I
want to adopt another view as to what constitute an asset.<br />
My view is that assets do not necessarily mean things with financial
values alone like cars, houses, business premises, machines etc. I
believe what constitute an asset depends on an individual. This means
things that assist such a person in earning a living e.g. a footballer’s
asset could be his leg while a singer’s greatest asset could be his or
her voice. As a bread winner your asset could be your lucrative job,
your business, your house, your taxi etc. It will interest you to know
that all these assets can and have been insured.<br />
We are going to observe some risks that assets are exposed to and how
one can protect his or her assets from them. As an individual or
business it is important to protect your asset and that with appropriate
insurance policies.<br />
We are going to consider:<br />
<ul>
<li><strong>Protecting your Asset as an individual</strong></li>
<li><strong>Protecting your assets as a business or corporate body</strong></li>
</ul>
<pre><span style="color: black;"><strong>1. FIRE, FLOODING, LANDSLIDE, HURRICANE AND OTHER NATURAL DISASTERS</strong></span></pre>
These risks usually have devastating effects on assets. Fire can
cause a lot of damage on buildings, cars and other physical assets so
also can the other perils. Every person or business faces all the above
listed risks. An insurance policy will not prevent them from occurring
but it will be there for you when it does happen so that you will not
end up losing everything you own to them. If your house gets burnt
without an insurance policy you have lost all!<br />
<strong><span style="color: black;">INSURANCE PROTECTION:</span></strong> These risks can be covered under <strong>Fire and Special Perils Insurance Policy</strong>.
I am going to spare you the technical jargons. This policy covers loss
or damage of properties against fire, lightning, explosion of boilers or
gas, storm, flood, burst pipes and overflowing of water tanks, impact
of vehicles, malicious damage, earthquake damage, aircraft damage, bush
fire, tornado and cyclone as well as riot and strike. This insurance
coverage is very cheap when you have to consider the premium payable
vis-à-vis the value of the property. For example, if your house costs
N10m and insuring it, you were charged a rate of 0.225%. This will make
the annual premium you are going to pay to be N22,500. With that little
amount you are covered under a fire and special perils for a year until
renewal.<br />
<strong>ALSO READ: <a href="http://how.com.ng/how-to-choose-a-life-insurance-plan-in-nigeria/" target="_blank">How to choose a life insurance plan</a></strong><br />
<br />
<pre><span style="color: black;"><strong>2. THEFT, BURGLARY AND HOUSEBREAKING</strong></span></pre>
Every home or business is faced with the challenge of being robbed.
Depending on the area of residence houses get burgled and robbed
occasionally. Armed robbers, thieves, vandals etc are threats to houses
or apartments.<br />
<span style="color: black;"><strong>INSURANCE PROTECTION:</strong></span> What you can do to protect your priced assets like your home and properties is <strong>Burglary and Housebreaking Insurance</strong>.
This policy covers your property against loss or damage by theft. It
should be noted that the policy covers not only the stolen goods but
also the damage inflicted on doors or safe by the burglar in an attempt
to gain entrance to the property. It should be noted here that the
insurance definition of Theft is different from its legal definition. In
Insurance, theft must involve violence and application of force i.e.
entry into or exit from a premises by forcible and violent means. This
definition excludes stealing by tricks or any means other than the use
of some form of force. However, your private residence burglary policy
can cover such theft that does not include force (this is called
larceny), which is covered at an additional premium. Burglary insurance
too is not expensive. For example if all the content in your house or
apartment is valued at N5m then depending on the area you reside the
insurer might charge you 0.5% rate which makes your premium be N25,000.
Kindly note that the rate is applied only to content of the building
because it is not possible for a building to be stolen!<br />
<br />
<br />
Read more <a href="http://how.com.ng/how-to-protect-your-assets-with-insurance/" target="_blank">here</a> <br />
</div>
Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com30tag:blogger.com,1999:blog-6979409789287324584.post-65876072704632577452015-11-03T01:46:00.002-08:002021-10-11T14:35:04.908-07:00How To Detect A Fake Third Party Motor Insurance Certificate<div dir="ltr" style="text-align: left;" trbidi="on">
<img alt="Fake Third Party Motor Insurance Certificate" class="cb-fi-standard wp-post-image" src="http://how.com.ng/wp-content/uploads/2015/09/Fake-Third-Party-Motor-Insurance-Certificate-750x400.jpg" height="212" width="400" /> <br />
To drive a car on Nigerian road one of the major requirements is for
you to have a minimum of Third Party Motor Insurance Certificate. This
is enshrined in the Section 68 of the 2003 Insurance Act which states,
“No person shall use or cause or permit any other person to use a motor
vehicle on a road unless a liability, which he may thereby incur in
respect of damage to the property of third parties is insured with an
insurer registered under this Act.”<br />
<br />
But besides the legal aspect of it, do you know that there is N1m
property damage cover and unlimited life cover to Third Parties on your
Insurance Certificate? It is a sad situation in Nigeria that people are
ignorantly or willfully (because of cost) purchasing fake certificates.
My people, the bible says, perish for lack of knowledge. According to
The police 90 per cent of Third Party Motor Insurance Certificates
presented to them on demand by motorists at checkpoints are fake!<br />
<br />
Ordinarily it is quite difficult to different between an authentic
and a fake certificate because of the quality of the finishing of some
of the certificates. But in 2012 the industry inaugurated the Nigerian
Insurance Industry Database (NIID) with the mission to wipe out fake
papers to give room for genuine ones to boom in the nation. This will
allow law enforcement agents and vehicle owners to verify the
authenticity of motor certificates within a minute! The Police now will
be able to detect with a certain electronic device in their possession
if your certificate is real or fake. Please do not be caught unawares,
read on to find out how to detect the fake one yourself before it is too
late.<br />
<br />
There are three methods to it.<br />
<br />
Please read the rest <a href="http://how.com.ng/how-to-detect-a-fake-third-party-motor-insurance-certificate/" target="_blank">here</a>.<br />
<br />
<br />
<pre class="scroll notranslate"></pre>
</div>
Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com22tag:blogger.com,1999:blog-6979409789287324584.post-64140476668711883102015-11-03T01:17:00.001-08:002021-10-11T08:57:51.569-07:00Olumide Richard - That's Love<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<br />
<br />
<br />
Wow this is something fresh.....for y'all lovers! From my music mentor - he taught me all I know in music.<br />
<iframe allowfullscreen="" frameborder="0" height="344" src="https://www.youtube.com/embed/j8bDnmnIbwA" width="459"></iframe></div>
Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com10tag:blogger.com,1999:blog-6979409789287324584.post-45594742906767752562015-09-28T07:06:00.001-07:002021-10-11T08:57:51.569-07:00The Sophia Bello's Blog: If Facebook Started in Nigeria<a href="http://www.thesophiabello.com/2015/06/if-facebook-started-in-nigeria.html?spref=bl">The Sophia Bello's Blog: If Facebook Started in Nigeria</a>: Imagine Mark Zuckerberg was a Nigerian, living in Nigeria. He’d have attended Obafemi Awolowo University (OAU) where he’d have had the i...Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com16tag:blogger.com,1999:blog-6979409789287324584.post-59647469487517321682015-08-26T02:33:00.001-07:002021-10-11T14:50:02.575-07:00allAfrica.com: Nigeria: NHRC Questions Implementation of National Health Insurance Scheme<a href="http://allafrica.com/stories/201508251081.html">allAfrica.com: Nigeria: NHRC Questions Implementation of National Health Insurance Scheme</a>Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com17tag:blogger.com,1999:blog-6979409789287324584.post-20518145982358018612014-11-28T07:15:00.000-08:002021-10-12T10:09:39.255-07:00WHY AN INSURANCE COMPANY WILL NOT PAY YOUR CLAIM<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7bypJvAt2b5EmaNCVY9zxpCJhDaBimfs4XNJV_RKLqbLEUFX_nF6ZkdLYE-xaqitEcoGwcYCGwX7YCx1YBQ_lingGSr0Cov8svIFYyTE-iLurndWtovkhzyTfnOqQ3VC2nDeLEW_ECDs/s1600/8580178_l.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7bypJvAt2b5EmaNCVY9zxpCJhDaBimfs4XNJV_RKLqbLEUFX_nF6ZkdLYE-xaqitEcoGwcYCGwX7YCx1YBQ_lingGSr0Cov8svIFYyTE-iLurndWtovkhzyTfnOqQ3VC2nDeLEW_ECDs/s1600/8580178_l.jpg" height="281" width="320" /></a></div>
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<span style="font-family: Century Gothic, sans-serif;"><br /></span></div>
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<span style="font-family: Century Gothic, sans-serif;">This blog was a lecture I was to deliver at a Workshop in Lagos.</span></div>
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<b><span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;"><br /></span></b></div>
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<b><span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">INTRODUCTION<o:p></o:p></span></b></div>
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<br /></div>
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<span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">I
sincerely wish to thank the organizers of today’s workshop for the opportunity
to speak to you and also for thinking it important that among the issues to be
treated in today’s event is a topic on insurance. <o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">I
particularly and deliberately chose this topic in order to educate, enlighten,
inform and change your opinion about “Insurance.” In my number of years in the
insurance industry, I have come to realize the attitude of Nigerians to
insurance which is a negative one. During a recent study it was discovered that
about 800 Adults in Nigeria have insurance (NEPAD), which leaves about huge gap of the population to
be uninsured. Also recently a research showed that the insurance industry in
Kenya is bigger than the one in Nigeria. Why these poor statistic? The reason
is obvious Nigerians don’t like insurance or avoid it like a plague! <o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">I
have observed over the years in my talking with people about Insurance that
their responses mostly is always the same- “Insurance companies in Nigeria
don’t pay claims!” People believe this statement and have become like a cliché
and have been passed around from generation to generation. That is why this topic is
very vital, it is meant to clear the air and change your mentality about
Insurance. </span></div>
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<span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;"><br /></span></div>
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<span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">Ladies and Gentlemen follow me on a journey to discover the
reasons why claims are not paid.<o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">After the independence 3 out of 25
insurance companies operating in Nigeria were indigenous. Political
independence and the spirit of nationalism led to developments and also the
proliferation of insurance companies which was facilitated by the weak
conditions set by the 1961 Insurance Companies Act which stipulated a Capital
requirement of only 25,000 pounds. The legislation was exploited by investors
who established companies – mushroom insurance companies which were too weak to
compete with the then expatriate-owned outfits. During these period and
afterwards many claims were recorded that were not paid hence people came to
the conclusion that insurance expert are more like fraudsters or cheats who
take your money and will not pay your claim when you sustain one. This paper is
written to</span><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"> </span><span style="font-family: 'Century Gothic', sans-serif; font-size: 12pt;">correct
this notion and hopefully clear all doubts.</span><span style="font-family: 'Century Gothic', sans-serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">However,
the good news now is that as time goes on legislation and regulators emerged
that changed the state of affairs in the insurance in the country. It should be
noted that it is no longer business as usual in the industry. NAICOM oversees
the affairs of all players in the industry and is ready to listen the report of
any aggrieved member of the public. For the broker, NCRIB and for the Insurance
Company it is the NIA and there is a joint body that oversees all report in
respect of any industry player, and if all these avenues fail NAICOM will be the last resort.<o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">Before
I proceed further, I would like to briefly define the following terms:<o:p></o:p></span></div>
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<br /></div>
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<b><span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">Insurance:</span></b><span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;"> an
insurance contract is an agreement enforceable at law between an insurer and an
insured; the insured agreeing to pay a premium and the insurer agreeing to pay
a sum of money, or something of monetary value, on the happening of a specified
event to the insured. <o:p></o:p></span></div>
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<br /></div>
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<b><span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">Insurance
Company: </span></b><span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">an
insurance company also called the insurer, is a company that carry-out
insurance services.<o:p></o:p></span></div>
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<br /></div>
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<b><span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">Insured: </span></b><span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">an insured
is a person who purchases an insurance policy, also called a Policy Holder.<o:p></o:p></span></div>
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<br /></div>
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<b><span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">Claims: </span></b><span style="background: white; color: #252525; font-family: 'Century Gothic', sans-serif; font-size: 12pt;">Claims and loss handling is the
materialized utility of insurance; it is the actual "product" paid
for. Claims may be filed by insureds directly with the insurer or through brokers or agents.</span><span style="background: white; color: #252525; font-family: 'Century Gothic', sans-serif; font-size: 12pt;"><span class="apple-converted-space"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, sans-serif; font-size: 11.5pt;"> </span></span></span></div>
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<i style="line-height: 18.5pt;"><span style="font-family: 'Century Gothic', sans-serif; font-size: 12pt;">Now let us attempt to delve into the reasons <b>Why an Insurance Company will fail to pay a claim. </b></span></i><span style="font-family: Century Gothic, sans-serif;"><span style="font-size: 12pt; line-height: 18.5pt;">I am
going to speak plainly in this paper and would at all cost avoid technical </span><span style="line-height: 24.6666660308838px;">jargon</span><span style="font-size: 12pt; line-height: 18.5pt;"> for the sake of </span><span style="line-height: 24.6666660308838px;">clarity</span><span style="font-size: 12pt; line-height: 18.5pt;">. </span></span><b style="font-family: 'Century Gothic', sans-serif; font-size: 12pt; line-height: 18.5pt;"><i> </i></b><span style="font-family: Century Gothic, sans-serif;"><span style="font-size: 12pt; line-height: 18.5pt;">There
are many reasons why an insurance company would not pay a claim but for want of
time, only 5 reasons would be considered, viz:<o:p></o:p></span></span></div>
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<span style="font-family: 'Century Gothic', sans-serif; font-size: 12pt;">1. Unpaid/Un-remitted
premium<br />
2. Fraudulent Claim<br />
3. Incomplete Documentation<br />
4. Insurable Interest Issues<br />
5. Fake Insurance Cover<o:p></o:p></span></div>
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<b><span style="font-family: 'Century Gothic', sans-serif; font-size: 12pt;">Unpaid / Un-remitted
Premium:</span></b><span style="font-family: 'Century Gothic', sans-serif; font-size: 12pt;"> according to the Principles of Insurance which is also
true when it comes to the Principle of Contracts, premium (which is
consideration in the Law of Contract) must be paid in advance for the contract
of insurance to be valid. This is the most important aspect of an insurance cover,
without which there is no cover – NO PREMIUM, NO COVER! At times
agents, after taking up a policy on someone’s behalf might fail to remit the
premium to the insurance company before a loss. However, when such a
loss thus occurs, the first thing an insurance company will check is
the premium status of the policy. If the premium had been settled before the
claim, the claim stands a high chance of being paid in full, all things being
equal. However, if the premium was not paid before the loss, repudiation
(rejection or refusal) is the remedy. You may ask: How do I avoid this? I’ll
tell you. To avoid finding yourself in this kind of embarrassing situation, pay your
premium immediately you purchase the policy or pay a deposit
premium instantly (in case of part-payment) and followed by the
balance payment immediately. Not only that, if you purchase the policy through
an agent then be deliberate, issue your premium cheque in the name of the insurance company
on your insurance paper and not the agent’s name.<o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: 'Century Gothic', sans-serif; font-size: 12pt;">Fraudulent Claim: </span></b><span lang="EN-GB" style="font-family: 'Century Gothic', sans-serif; font-size: 12pt;">insurance is taken for an unforeseeable occurrence
i.e. the event, occurrence, loss or outcome must be probable (under
probability). If a person, for instance purchase a fire insurance and decides
to set his house on fire, it's a criminal act called arson! Or willfully damage
his car (in the case of motor insurance) in order to come for a claim - it is
fraud! When an insurance company is able to trace a claim to fraud, the claim
will be repudiated automatically. I recall a case few years back with one of
our clients. This man reported that his car was engulfed in flames from his
engine while in motion, which according to him resulted in the total loss of
the vehicle on the highway. After documentation the office sent me out to
inspect the burnt vehicle at the point he said it was burnt. Armed with my
camera, I set out on what eventually turned out to be a wild goose chase. What
happened was that, after combing the area alleged to be the spot of the
accident without success, I decided to ask some policemen in that area.
Surprisingly, they told me that no such accident occurred in that area at the said
date and time. Conclusion was that there was no such accident and the insured
had reported a fraudulent claim which led to the claim being repudiated.</span><span style="font-family: 'Century Gothic', sans-serif; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span lang="EN-GB" style="font-family: 'Century Gothic', sans-serif; font-size: 12pt;">Incomplete Documentation: </span></b><span lang="EN-GB" style="font-family: 'Century Gothic', sans-serif; font-size: 12pt;">if you are filling in a claim be ready to
turn in all documents. For example, proof of ownership, photographs, purchase
receipt/invoice, estimate of repairs etc in the case of motor insurance claim.
And in the case of personal accident claim medical report, receipt of payments
etc are necessary. I dealt with this subject in my blog: <u>Documents
needed that will make your claims valid</u>. Check out my blog page for that. Make
sure your documents are in order and complete without that your claim will be
delayed unnecessarily because insurance is based on documentary evidence. So
take my advice, tender every document as evidence, be patient. Another client
of mine reporting a Workmen’s Compensation Claim was told to supply the medical
report, receipts and every other document to show that one of his staff was
actually involved in the accident. What he sent was just a picture of the
victim on a hospital bed, when we ask for the other documents he became furious
and said it was rubbish! Till date the claim is still pending, if he decides to
tender the documents the claim will be treated further. So document as if</span></div>
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your
life depended on it.<o:p></o:p><br />
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<b style="line-height: 18.5pt;"><span lang="EN-GB" style="font-family: 'Century Gothic', sans-serif; font-size: 12pt;">Insurable Interest Issues: </span></b><span lang="EN-GB"><span style="font-family: Century Gothic, sans-serif;"><span style="font-size: 12pt; line-height: 18.5pt;">Insurable
interest is one of the elements necessary to create a valid insurance contract.
Insurable interest may be simply defined as </span></span><b><span style="font-family: Century Gothic, sans-serif;"><span style="font-size: 12pt; line-height: 18.5pt;">the legal right to insure
arising out a financial relationship </span><span style="line-height: 24.6666660308838px;">recognized</span><span style="font-size: 12pt; line-height: 18.5pt;"> at law, between the insured and
the subject-matter of insurance. </span></span></b><span style="font-family: Century Gothic, sans-serif;"><span style="font-size: 12pt; line-height: 18.5pt;">To have insurable interest in a contract
of insurance, the insured must have a pecuniary interest in the subject matter
of insurance, which is recognized at law to enable him take an insurance
contract on that subject matter of insurance. So it means before one can
insured an item or property there must be legal right to do so, i.e. there must
either be property right, interest of life, limb or potential liability etc.
Now if one does not have right to insure a property, even if he does and at the
eventual loss of that property the insurance company now discover that the
insured had no interest in the property the claim would be repudiated. The
premise here is you cannot insure what you don’t own or have legal right to
possess.</span></span></span><b style="line-height: 18.5pt;"><span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;"><o:p></o:p></span></b></div>
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<b><span style="font-family: 'Century Gothic', sans-serif; font-size: 12pt; line-height: 115%;">Fake Insurance: </span></b><span style="font-family: 'Century Gothic', sans-serif; font-size: 12pt; line-height: 115%;">In Nigeria 80% of the Third Party Certificate people
use are fake! It is shocking to note this, but it is true, some people who
portray themselves as Insurance Agents are not, they just take people’s money
and give them empty paper in the name of Certificates. Do you know that your
Third Party Motor certificate actually covers you to the sum of N1,000,000 in
property damage to a Third Party and also an Unlimited amount to the Death or
Bodily Injury of a Third Party? If you did not know, now you know! </span></div>
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<span style="font-family: 'Century Gothic', sans-serif; font-size: 12pt; line-height: 115%;">So buying
fake insurance, you are actually short changing yourself, because it is so
cheap that you pay N5,000 to get the cover and funny enough a fake insurance
cost like N3000 or less to cover nothing! Why not just buy the real thing and
get a real cover than the fake one without a cover. Which would you rather buy,
fake or real? </span></div>
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<span style="font-family: 'Century Gothic', sans-serif; font-size: 12pt; line-height: 115%;">I recall a young man how purchased from my former company a Third
Party Cover for his truck and paid N10,000 and as events will have it, he had an
accident with his truck somewhere in
Mile 2 and killed a pedestrian. He was charged to court and have to pay like
N500,000! He came to the company to claim and it was discovered that everything
was in order, he was settled in full. Note that he paid N10,000 and was able to
claim N500,000, that’s insurance for you!<o:p></o:p></span></div>
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<span style="font-family: 'Century Gothic', sans-serif; font-size: 12pt; line-height: 115%;">In the light of that, I also recall when I
was still in an Insurance Company (name withheld) there was this man who rushed
to us with a claim and our Motor Certificate, but after receiving the document
from him we observed that the certificate was a fake one, it was probably
issued by the peddlers of fake insurances, his claim was turned down. The
question now is how do you avoid this? My answer is approach
the right person – that is where </span><span style="font-family: 'Century Gothic', sans-serif; font-size: 12pt; line-height: 115%;">a broker or experts come in or even go to the insurance company directly. </span></div>
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<span style="font-family: Century Gothic, sans-serif;"><span style="font-size: 12pt; line-height: 115%;">Instead of bothering your head with all
the technical </span><span style="line-height: 18.3999996185303px;">jargon</span><span style="font-size: 12pt; line-height: 115%;"> in insurance, just leave it to us as professionals and they will handle it for you. Do you know the good news? You are not paying extra for
the services, just your premium.<o:p></o:p></span></span></div>
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<b><span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">CONCLUSION<o:p></o:p></span></b></div>
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<span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">Insurance
is a legitimate business and also legal profession therefore should not be
taken for granted or with levity. It requires utmost seriousness just like law,
medicine and others. Insurance is not a dubious business, it is for your safety
and peace of mind. It relieves you of the anxiety of preparing when a risk
occurs. If you abide by the advice given above, you would not be stranded or
else appoint us as your insurance broker and consultant so that we can take the
headache off you. </span></div>
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<span style="font-family: "Century Gothic","sans-serif"; font-size: 12.0pt;">For further questions, quotes or queries, email me on john.ideboghie@gmail.com or call 08029961727.<o:p></o:p></span></div>
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Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com15tag:blogger.com,1999:blog-6979409789287324584.post-73236183655835891182010-10-11T07:01:00.000-07:002021-10-11T14:38:58.503-07:0012 WAYS TO REDUCE INSURANCE COST<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEii5iSHED1xIZeARwzKzsfaKVsSgukS_oRmgYEypytkofty2MukLF80lbUu4VuacpNit_5knoeFWcIwqKN6N62IGVpPHChai17fLqkv_mzzHF1TjiFohJDnLrfZZcoey98DNiiwNc72BpQ/s1600/will-insurance-premiums-increase-after-an-accident-300x238.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEii5iSHED1xIZeARwzKzsfaKVsSgukS_oRmgYEypytkofty2MukLF80lbUu4VuacpNit_5knoeFWcIwqKN6N62IGVpPHChai17fLqkv_mzzHF1TjiFohJDnLrfZZcoey98DNiiwNc72BpQ/s200/will-insurance-premiums-increase-after-an-accident-300x238.jpg" height="158" width="200" /></a><br />
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<span class="Apple-style-span" style="font-size: x-large;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">H</span></span><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">ave you ever wondered how to cut down what you pay as premium to insurers every year? Or maybe you have the thought of paying less premium without cancelling your policies? Do you want me to show you ways to beat your insurers to their game and get more for less? Accountants talk about minimizing costs and maximizing profits, do you know that you can actually lower your insurance cost by over 50% and in turn raise you benefit to 50%+ too? Do you want to apply this to your insurance cover? If your answer yes, then this blog is written for you! Now that you are excited - hopefully, I'm going to share some best-kept secrets with you that will blow your mind and make your insurance officer look like a clown! That's it, like a clown - the tips are as follows:</span></div>
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<ul>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">Negotiate! Negotiate!! Negotiate!!!</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">Get variety of quotes</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">Combine, Split or reduce your cover</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">Reduce the occurrence of a loss</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">Ask for Fire Extinguisher Appliance (FEA) Discount</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">Ask for First Loss Discount</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">Ask for Stock Declaration Discount</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">Ask for Group/Fleet Discount</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">Ask for increased voluntary excess (deductibles)</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">Ask for No claim discount (NCD)</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">Ask for Long Term Agreement (LTA) Discount</span></li>
<li style="text-align: justify;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">Contract a broker</span><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;"> </span></li>
</ul>
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<br />
<span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;"><b>1. Negotiate:</b> learn the skill of negotiation or employ a broker to do it for you. If you are not so familiar with the terms of insurance to aid your negotiation, please contract a broker to do it for you...they are professionals in the business and the secret is that you are not going to pay them, the insurer will!</span><br />
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<span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;"><b>2. Get variety of quotes:</b> this point is somehow related to the first on in that you don't have to do it yourself...get a broker to do it for you. But if you are less busy, go for it!</span><br />
<br />
<span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;"><b>3. Combine, Split or reduce your cover:</b> don't embark on double insurance especially for indemnity policies because during claim you will not get more than the value of your loss. So the best thing to do is to eliminate some policies you have already specifically covered e.g. do not cover your jewelry in your householder/owner policy when you have already covered it specifically under 'all risk policy.' Combining policies can give rise to package discount, for instance if you as a small scale entrepreneur or even large scale player take up a combined industrial all risk policy or packaged policy which as the case maybe embraces several other insurance policies which will include, fire, burglary, money, accident policies, public liability, motor, etc at the end of the day all the combination of the policies will give you the advantage of getting either a package discount of 10% or more from the insurer (the depends on the insurer.) Furthermore, some policies are better off alone, so in that case such should be split instead of having a single rate for such.</span><br />
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<span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">I'll share the secrets with you soon. Watch out.</span></div>
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Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com12tag:blogger.com,1999:blog-6979409789287324584.post-12990443174201314512010-10-08T08:27:00.000-07:002021-10-11T14:38:58.502-07:00Is Insurance an Expense of an Income?<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaE3F4itbZrpuYvaPjyzcxOdVE-S08QolRp8IkIRnImLkjbJWpMoP111Bx5prM_NE6zOWC-_SoVflFddfLW5S91dsQxY6MpA2xrqGWXKoNNL3AjGN4fcr_YMfHF9TktO3IHTWZTrtGvEo/s1600/insurance3.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="195" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaE3F4itbZrpuYvaPjyzcxOdVE-S08QolRp8IkIRnImLkjbJWpMoP111Bx5prM_NE6zOWC-_SoVflFddfLW5S91dsQxY6MpA2xrqGWXKoNNL3AjGN4fcr_YMfHF9TktO3IHTWZTrtGvEo/s200/insurance3.jpg" width="200" /></a></div><div style="text-align: justify;">When you hear insurance, what exactly cross your mind? Do you think expense? But do you know that insurance can an income to you? Shocked to hear that? Don't be, an insurance policy that you take can help protect your asset from loss believe it or not. Let's look at this scenario, you bought a car for a Fifteen thousand dollars ($15,000.00) and insured it with an embarrassing amount of Seven Hundred and Fifty dollars ($750.00)! However, it happened that robbers stole the car while packed in you garage, then what do you do? Simple, call your insurance company and report the claim, with full proof and documentation. I bet you if you deal with the right insurance company, you'll be bought another car! No strings attached, no hassles, no excuses. The looking at it well you have another brand new car to replace the lost one. Get an INSURANCE POLICY TODAY!</div>Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com7tag:blogger.com,1999:blog-6979409789287324584.post-69849719061376660092010-09-30T08:31:00.000-07:002021-10-12T10:09:39.256-07:00WHY INSURANCE COMPANIES DON'T PAY CLAIMS (1)<div dir="ltr" style="text-align: left;" trbidi="on"><div style="background-color: white; text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUIEmpHtdESycrYosyowu6bbM_pQ076_SuKV3Rj1eclELc11EERFckYR1Z8sfrY1GWE6OpXoBaGl6n7dPrqY6NwYpOkosIQJW8CQxUGeo1Sq_EYRnp4I-sx1S9ROSqbEzbXxxgzQrnBJQ/s1600/images.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUIEmpHtdESycrYosyowu6bbM_pQ076_SuKV3Rj1eclELc11EERFckYR1Z8sfrY1GWE6OpXoBaGl6n7dPrqY6NwYpOkosIQJW8CQxUGeo1Sq_EYRnp4I-sx1S9ROSqbEzbXxxgzQrnBJQ/s200/images.jpg" width="192" /></a></div>One burning issue in the mind of an average person in this part of the world when it comes to <span style="color: black;">insurance</span> products purchase is: “Will the <span style="color: black;">insurance</span> company <span style="color: black;">pay</span> me when I have a claim?” This question is as old as <span style="color: black;">insurance</span> itself. I recall instances when I have to talk with people about <span style="color: black;">insurance</span> and the need to insure, the response I get from some of them is the same as above. Many have tagged <span style="color: black;">insurance</span> <span style="color: black;">companies</span> as fraudsters! This blog is written to correct this notion and hopefully clear all doubts.</div><div style="background-color: white; text-align: justify;"><br />
</div><div style="background-color: white; text-align: justify;">I am going to take 5 reasons in this part and conclude with the remaining 5 reasons in the second part.</div><div style="background-color: white; text-align: justify;"><br />
</div><div style="background-color: white; text-align: justify;">The following are the first 5 reasons why your claim will not be settled:<br />
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</div><div style="background-color: white; text-align: justify;">1. Unpaid/Unremitted premium<br />
2. Fraudulent Claim<br />
3. Incomplete Documentation<br />
4. Insurable Interest Issues<br />
5. Fake <span style="color: black;">Insurance</span> Cover</div><div style="background-color: white; text-align: justify;"><br />
</div><div style="background-color: white; text-align: justify;"><strong>Unpaid / Unremitted Premium:</strong> according to the principle of <span style="color: black;">insurance</span> which is also true in the principle of contracts, premium (which is consideration in the law of contract) must be paid in advance for the contract of <span style="color: black;">insurance</span> to be valid. This is the most important aspect of an <span style="color: black;">insurance</span> cover, without which there is no cover <span class="Apple-style-span" style="background-color: #ea9999;">– NO PREMIUM, NO COVER!</span> At times agents, after taking up a policy on someone’s behalf might fail to remit the premium to the <span style="color: black;">insurance</span> company before a loss. However, when such a loss thus occur, the first thing an <span style="color: black;">insurance</span> company will check is the premium status of the policy. If the premium had been settled before the claim, the claim stands a high chance of being paid all other things being equal. However, if the premium was not paid before the loss, repudiation (rejection, refusal…) is the remedy. You may ask: How do I avoid this? I’ll tell you. To avoid finding yourself in this kind of embarrassing situation, <span style="color: black;">pay</span> your premium immediately you purchase the policy or <span style="color: black;">pay</span> a deposit premium instantly (in case of payment in installments) and followed by the balance payment. Not only that, if you bought the policy through an agent, be deliberate, issue your premium cheque in the name of the <span style="color: black;">insurance</span> company on your <span style="color: black;">insurance</span> paper and not the agent’s name.</div><div style="background-color: white; text-align: justify;"><br />
<div class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-GB">Fraudulent Claim: </span></b><span lang="EN-GB">insurance is taken for an unforeseeable occurrence i.e. the event, occurrence, loss or outcome must be probable (under probability). If a person for instance, take up a fire insurance and decides to set his house on fire, it's a criminal act called arson! Or wilfully damage his car(in the case of motor insurance) in order to come for a claim - it is fraud! When an insurance company is able to trace a claim to fraud, the claim will be repudiated automatically. I recall a recent case with one of our clients. This man reported that his car was engulfed in flames from his engine while in motion, which according to him resulted in the total loss of the vehicle on the highway. After documentation the office sent me out to inspect the burnt vehicle. Armed with my camera, I set out on what eventually turned out to be a wild goose chase. What happened was that, after combing the area alleged to be the spot of the accident without success, I decided to ask some policemen in that area. Surprisingly, they told me that no such accident occurred in that area at the time I gave them. Conclusion is that there was no such accident to the vehicle, the insured reported a fraudulent claim which led to the claim being repudiated.</span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-GB">Incomplete Documentation: </span></b><span lang="EN-GB">if you are filling in a claim be ready to turn in all documents. For example, proof of ownership, photographs, purchase receipt/invoice, estimate of repairs etc in the case of motor insurance claim. And in the case of personal accident claim medical report, receipt of payments etc are necessary. <span class="Apple-style-span" style="background-color: #fff2cc;">I will deal with this subject in my forthcoming blog: </span><u><span class="Apple-style-span" style="background-color: #fff2cc;">Documents needed that will make your claims valid</span></u><span class="Apple-style-span" style="background-color: #fff2cc;">. Watch out!</span> Make sure your documents are in order and complete without that your claim will be delayed unnecessarily because insurance is based on documentary evidence. So take my advice, tender every document as evidence, be patient. Another client of mine reporting a Workmen’s Compensation Claim was told to supply the medical report, receipts and every other document to show that there was an accident on one of his staff. What he sent was just a picture of the victim on a hospital bed, when we ask for the other documents he became furious and said it was rubbish! Till date the claim is still pending, if he decides to tender the documents the claim will be treated further. So document like crazy.</span></div><div class="MsoNormal" style="text-align: justify;"><span lang="EN-GB"> </span></div></div><div style="background-color: white; text-align: justify;">To be concluded…</div></div>Jay Jayhttp://www.blogger.com/profile/11912035960139022447noreply@blogger.com9